Zuckerberg down to last $17bn as Facebook shares sink

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Facebook founder Mark Zuckerberg saw his Facebook stock lose around $2bn in value today. Photo: AP Photo/Steven Senne

Launch on Friday, sink on Monday.

It certainly isn't a sign that the market has bought into that facebook valuation - the biggest ever launch of an internet tech firm.

On Friday it was valued at $104 billion (£66bn). Shares started at 38 dollars (£24) and hit a low of $34...which is where they closed on Monday.

Many analysts had urged caution. They said the launch price was too high.

Some of those stock analysts said to invest at that value you would need to be confident in a business' plans.

All smiles last Friday as Facebook shares went on sale for the first time. Credit: Facebook

Yet despite all the hype there is as yet no firm plan on how Facebook will turn the phenomena of it 900 million users into profits on a scale to justify this value.

There will be questions too about whether - with so little else that people are willing to invest in - internet firms have become an over valued over hyped "bubble".

The real answer is that this is a long game.

If Facebook can weave around the privacy issues to use advertising better and capitalise on new markets like China and Russia - we will see the market buck up.

For now for Mark Zuckerberg holds the honour of the most publicised bad Monday at the office - down $2 billion in his personal fortune.

But don't worry. He's still worth well over $17 billion.