Facebook it seems is tightening its noose and heading for the gallows. Since the social media giant started its highly anticipated IPO in May the company has been plagued with trouble. Shares which were released at a starting price of $38 have fallen to 20.72, with last week recording an all-time low of 19.82, this after the company declared its disappointing earnings.
Facebook’s initial valuation was 100 billion and this figure has now plummeted down to $43.5 billion. CEO Mark Zuckerberg’s personal fortune has climbed down the ladder from $13.7 billion to $10 billion. Making matters worse for Facebook is the number of top senior Executives handing over their resignations.
Five top rank employees have handed over their resignations since June. The knockout punch has come recently with Director of Platform Partnerships Ethan Beard, Mobile Platform Marketing manager Jonathan Matus and Director of Platform Marketing Katie Mitic quitting. Earlier, Facebook’s Chief Technology Officer Bret Taylor and Director of Platform Products Carl Sjogreen had resigned. Dark clouds loom over Facebook. Is there a way out?