The WSJ has given us a nice little widget that allows you to track Mark Zuckerberg’s worth in real-time, showing that no matter how bad that stock goes he’s still worth billions.
After going public on Friday at $38 a share and peaking at $42, Facebook stock fell below its offering price on Monday and is now trading at $34 a share.
This drop in value is affecting Facebook founder Mark Zuckerberg’s wallet. Zuckerberg’s 503.6 million Facebook shares were worth $21.2 billion at the opening of Monday’s markets. The shares are now worth around $17 billion. The Wall Street Journal is tracking Zuckerberg’s wealth in real time on its website with the “Mark Zuckerberg Wealth-O-Meter”.
Glenn seemed to predict this downturn on Friday, when warned that the record setting $110 billion valuation of Facebook was an unsustainable scam.
“Chase did the valuation for Facebook and shocked everybody by saying it’s worth $110 billion. There’s no way that thing is worth $110 billion,” Glenn said.
“To put that in perspective, that’s more than GM. That’s more than Ford. That’s more than ABC Disney. A lot more,” Glenn continued. “ABC Disney’s worth, what, $60 billion? In the end if that thing goes broke and you’re an owner, at least you walk away with a really sweet roller coaster. Facebook, what do you have?”
Glenn sees something wrong with the way Facebook’s IPO unfolded, noting the relationship between Facebook, JP Morgan Chase, and the White House.
“I’m not saying you can tie the White House to this but it’s all the usual suspects that are involved in this. Obama has a love affair with Zuckerberg and Facebook. Facebook is in bed with the left,” Glenn said. “Obama is also deeply in bed with J.P. Morgan Chase, says Jamie Dimon, one of the greatest CEOs. And J.P. Morgan Chase, even with the scandal that’s going on with J.P. Morgan Chase, he’s saying they’re one of the best.”
“Something’s wrong here. Something’s wrong. But I’ll tell ya, it’s the same kind of crap, and we never learn our lesson. Facebook, bigger than ABC Disney? It’s bull-crap, and Americans know it, no matter who tries to manipulate us.”