More bad news for Facebook

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Facebook is indeed experiencing its worst week as share prices tumble and Mark Zuckerberg’s very own sister is now an employee of Google, according to social media.

On 31 July, Facebook founder Mark Zuckerberg’s sister, Arielle Zuckerberg, officially became a Google employee when Wildfire, the social marketing company she works for, was acquired by Google.

Further aggravating the situation, another of Mark’s sisters, Randi Zuckerberg, tweeted an “awkward” statement: “Congratulations Wildfire, there are now officially more Zuckerberg family members working for Google than Facebook!”

Wildfire is a company based in Redwood City, California that helps marketers reach their target audiences using social media. Arielle Zuckerberg works as a junior product manager for the company.

However, Google did not reveal whether all 400 employees of Wildfire will be joining them following the acquisition.

Commenting on the acquisition, Jason Miller, Product Management Director at Google, said that Wildfire “is a platform for brands to manage their pages, apps, tweets, videos, sponsorships, ads, promotions and more, all in one place.”

Meanwhile, Facebook’s share price has reached a new record low, plunging 43 percent to US$21.71 (£13.89) from US$38 (£24.23) during the initial public offering (IPO) on 18 May.

But the worst is yet to come. On 16 August, 91 days after the listing, insiders such as company employees, directors, and officers can sell 268 million shares; from 91 days to 181 days since the IPO, insiders can sell a further 137 million stocks.

Given the sharp fall so far, investors are preparing for an avalanche of stocks from insider sales, putting more negative pressure on the share price.


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