After the data leak case, Facebook owner Mark Zuckerberg appeared before the US Senate (Parliament of the United States). He apologized to the Senate while taking responsibility for data leaks. By doing so, his company's shares got a strong exposure and within a few hours his wealth increased more than Rs 18,000 crore.
The main reason behind the rapid rise in the company's share is that shareholders rely on the company again. It is believed that Facebook will take stern steps to stop the leak of data and make the privacy policy tough. At the moment, Zuckerberg is the seventh richest person in the world. He was the fourth richest person before the data leak case. Zuckerberg has a 16 percent stake in Facebook.
Since the beginning of the March, after the data leak news came, the company's share was continuously falling. During this period, the company's share fell from $ 184 per share to $ 158 per share. The share was broken by 14 percent. This also reduced Zuckerberg's wealth. But after the stock gained momentum, they had gained about $ 280 million (about Rs 18200 crore) in just a few hours. The total net worth increased to $ 666 million (about Rs 4.29 lakh crore).
As soon as the Senate Judiciary started its favor in front of the commerce committee, the shares of Facebook began to boom. On Tuesday, the company's share reached a level of $ 165.04, up by 4.5 percent. The spectacular display of Facebook shares shows that shareholders hope that Zuckerberg will bring strict regulation in the company. Also, he will take care of the interests of the company's investors. The fall in Facebook shares after March 16 has resulted in huge shocks to investors.
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