Mark Zuckerberg Lost Almost $4 Billion In Just 2 Hours

Despite posting strong third quarter results, Facebook shares tanked after the company posted results after the market closed on Wednesday.

Zuckerberg lost $3.7 billion from his net worth in just two hours when the stock sank in after-hours trading. Shares dropped around 7% to $118.36.

By 6 p.m. EST Wednesday, Zuckerbergs fortune was at $50.6 billion according to estimates from FORBES. He still keeps his No. 5 spot on the richest people in the world.

Facebook reported $7 billion in quarterly revenues that were up 56% from the same period a year earlier.

The company also beat expectations of analysts polled by Yahoo Finance, who on average expected a 44% increase to $6.9 billion in revenues for the quarter.

Net income for the social media giant’s last quarter hit $2.4 billion, an amazing 166% increase from 2015.

So why the drop if the company had such good results? During the earnings call, Facebook said its expenses for next year would increase which may have alarmed investors.

Disclaimer: We have no position in Facebook Inc. (NASDAQ: FB) and have not been compensated for this article.