Facebook's $148 billion nosedive means Mark Zuckerberg could tumble down Bloomberg's Billionaire Index

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Facebook CEO Mark Zuckerberg could lose his spot on the list of the richest billionaires.

• Facebook's shares plummeted by over 20% on Wednesday, affecting the net worth of founder Mark Zuckerberg.
• Bloomberg reports that his worth decreased in value by $16.8 billion during after-hours trading on Wednesday. If this holds by end of trading on Thursday, Zuckerberg will slip three places down Bloomberg's billionaire index.
• Zuckerberg has also been selling stock since Facebook reported its 2018 Q1 results.

Following Facebook's astonishing fall in market value on Wednesday, CEO Mark Zuckerberg is at risk of losing third place on Bloomberg's Billionaires Index.

The social network's value plunged nearly 24% after its disappointing Q2 earnings report and executives (including Zuckerberg) warning of slowing revenue growth. Shares recovered slightly, closing after-hours trading down 20.2% at $217.50.

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Bloomberg reports that Zuckerberg's fortune took a hit of $16.8 billion as a result, and that if Facebook's drop in value holds through to end of trading on Thursday, then he will slip down its Billionaires Index by three places.

Zuckerberg is currently worth $86.5 billion, but the loss would push him under the $70 billion mark. This would mean he drops from number three to number six, putting him behind Amancio Ortega, the founder of retail chain Zara. The loss would also negate his $13.7 billion of gains for the year.

Cheddar tech reporter Alex Heath wrote that Zuckerberg has sold over $2.6 billion worth of Facebook stock since the company reported its Q1 earnings in April. Zuckerberg says his huge unloading of stock is to fund philanthropic efforts.