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Facebook shares lost $35bn in a single day amid an ever larger backlash from politicians on both sides of the Atlantic ocean over how the company handled a data breach. The social media giant’s stock fell by 7% on Monday, which is the most in four years.

Related coverage: http://thegoldwater.com/news/20931-Zuckerberg-Pressure-Mounts-As-Facebook-Data-Hack-Called-Horrifying-By-US-EU-and-UK

The fall in Facebook shares also had its effect on the so-called other FANGS (tech shares like Facebook, Amazon, Netflix, Google and Snapchat).

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Mark Zuckerberg cashed out $5M shares knowing he's about to lose lots of subscribers due to his dirty spy ring. His wife is a Chinese national too. I'm pretty sure CISCO and CGI's CFO Dennis Chang is involved in the spy-ring too. <a href="https://t.co/74t75cUCDq">https://t.co/74t75cUCDq</a></p>— TrumpsBlonde™️🇮🇪🇭🇺🇩🇪🇺🇸 (@TrumpsBlonde) <a href="https://twitter.com/TrumpsBlonde/status/975886442437206017?ref_src=twsrc%5Etfw">March 20, 2018</a></blockquote>

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Meanwhile CEO Mark Zuckerberg saw his personal wealth decline by about $5bn, but some report that it could have been much worse. Mr Zuckerberg, whom many in the European press say ‘holds great power but bears little responsibility’ had been selling Facebook shares for a value of some $900 million since the beginning of the year, thus saving some $45 million in having sold that off before the news broke.

Related coverage: http://thegoldwater.com/news/20964-Obama-Admin-Official-Facebook-Allowed-Us-To-Datamine-Because-They-Were-On-Our-Side

The 4.9 million shares the Facebook CEO sold this year would normally be worth $855 million, but as they were sold before the news of the Cambridge Analytica scandal broke, Mr Zuckerberg made about $900 million (according to calculations using average weighted prices reported to the US Securities and Exchange Commission).

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Facebook's stock is plummeting amid the company's latest crisis. But if you're Mark Z., you've already been dumping your stocks, knowing this day was coming. <a href="https://t.co/cVslU8QAeQ">https://t.co/cVslU8QAeQ</a></p>— #QAnon gab.ai/dekdarion (@dekdarion) <a href="https://twitter.com/dekdarion/status/975754256132313090?ref_src=twsrc%5Etfw">March 19, 2018</a></blockquote>

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Last year, thanks to a new financial plan put in place, Mr Zuckerberg regained voting control of most of the shares. At the time, he wrote in an explanatory note: “Over the past year and a half, Facebook’s business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more.”

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">ma reiterate, Mark Zuckerberg has sold more than 2 million shares of his own FB stock in recent weeks. You think he knows something you don't?? Are you still posting on FB??? <a href="https://twitter.com/hashtag/QAnon?src=hash&ref_src=twsrc%5Etfw">#QAnon</a> <a href="https://twitter.com/hashtag/GreatAwakening?src=hash&ref_src=twsrc%5Etfw">#GreatAwakening</a></p>— Cindy Sutton (@csutton1959) <a href="https://twitter.com/csutton1959/status/975853160303644673?ref_src=twsrc%5Etfw">March 19, 2018</a></blockquote>

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“As a result, I’ve asked our board to withdraw the proposal to reclassify our stock — and the board has agreed.”

Source:

https://www.marketwatch.com/story/zuckerberg-saved-tens-of-millions-by-selling-facebook-stock-ahead-of-monday-decline-2018-03-19