May 21 (Bloomberg) -- Mark Zuckerberg’s fortune dropped $2.1 billion as shares of Facebook Inc., the world’s largest social-networking company, fell below the company’s $38 offer price in its second day of trading.
The shares sank 11 percent to $34.03 at the close in New York. Zuckerberg is worth $17.3 billion, according to the Bloomberg Billionaires Index.
“If you went out and spent on Friday, you’re not canceling the order for the Lamborghini just yet,” Martin Pyykkonen, an analyst with Wedge Partners in Greenwood Village, Colorado, said in a phone interview. “For the most part, those with a substantial stake still have plenty of value.”
Facebook raised $16 billion in an initial public offering, selling 421.2 million shares for $38 each on May 17. It was the biggest technology IPO in history. The stock was little changed at $38.23 at the close of May 18.
The IPO suffered from trading glitches on its first day. Nasdaq OMX Group Inc. Chief Executive Officer Robert Greifeld said a “poor design” in software driving auctions for IPOs caused issues with Facebook’s first trading day.
Dustin Moskovitz, 27, who started Facebook with Zuckerberg from their dorm room at Harvard University, owns 133.7 million shares of the company’s Class B stock worth $4.55 billion, down $560 million during the day.
Eduardo Saverin, 30, has a $1.8 billion stake, down $220 million since Friday’s close. According to a regulatory filing dated May 17, he owns 53.1 million shares of the company.
Sean Parker owns 66 million Facebook shares valued at $2.2 billion. The 32-year-old persuaded Zuckerberg to move to California to focus on the company full time in 2004.
Facebook’s chief operating officer Sheryl Sandberg, 42, who was lured from Google in 2008, owns 27 million shares, including 25 million restricted stock units that have vested. They are valued at $920 million. She also owns millions of unvested units not counted in her net worth calculation.
Co-founder Christopher Hughes, 28, who was a billionaire when the company began trading May 18, now commands a nine-figure fortune. He owns about 22 million shares of Facebook, according to a person familiar with his holdings who asked not to be named because the matter is private. His stake is worth $750 million.
Hughes, who bought the Washington, D.C.-based magazine the New Republic in March 2012 for less than $5 million, has more than $100 million in cash and real estate after selling some of his Facebook hoard, according to data compiled by Bloomberg.
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