Shares of Facebook Inc. rallied 3.3% in afternoon trade Tuesday, putting them on track to close above a widely followed technical threshold, after J.P. Morgan said the social media company remained one of its "favorite" names of 2019. The stock set to close above its 50-day moving average, which many Wall Street chart watchers use to define the short-term trend, for the first time since July 25, 2018, when it closed at a record $217.50. The 50-day moving average currently extends to $140.05, according to FactSet. J.P. Morgan analyst Doug Anmuth reiterated his overweight rating, saying while investor sentiment remains negative, given privacy and data concerns, slowing growth, regulation and "extremely negative" PR, he believes the core Facebook user is sticker than many think. He said recent metrics are mostly stable and his survey work has showed solid engagement while Instagram continues to grow rapidly. He also thinks revenue deceleration is "manageable," while earnings growth should accelerate and valuation "compelling." The stock has lost 9.4% over the past three months while the Nasdaq Composite has lost 10.9% and the S&P 500 has given up 10.8%. 
 
 by Tomi Kilgore ||||| Mark Zuckerberg, Facebook Inc.’s co-founder and chief executive officer, is no longer one of the world’s 40 richest people. 
 
 The 28-year-old’s fortune fell to $14.7 billion yesterday from $16.2 billion on May 25, as shares of the world’s largest social-networking company dropped 9.6 percent. They slipped another 2.3 percent today to $28.19. That extended the stock’s losses to 26 percent from the worst-performing large initial public offering in the past decade and cut Zuckerberg’s net worth to $14.4 billion. 
 
 “It seems to be a clear reflection that there was just too much stock issued, that the valuation was aggressive and that a lot of people who lined up to buy it really had no intention of holding it,” Jack Ablin, chief investment officer of BMO Harris Private Bank in Chicago, said yesterday in a telephone interview. The bank oversees about $60 billion of assets. 
 
 Facebook (FB) shares closed at $38.23 on May 18, the first day they began trading, giving Zuckerberg a net worth of $19.4 billion. The Menlo Park, California-based company ended the day with a price-earnings ratio of 83.1, making it more expensive than 99 percent of Standard & Poor’s 500 Index (SPX) stocks. The company went public as the equity index was heading for its biggest monthly decline since September. 
 
 Photographer: David Paul Morris/Bloomberg Mark Zuckerberg, chief executive officer and founder of Facebook Inc. Close Mark Zuckerberg, chief executive officer and founder of Facebook Inc. Close Open Photographer: David Paul Morris/Bloomberg Mark Zuckerberg, chief executive officer and founder of Facebook Inc. 
 
 Facebook options trading began yesterday, with volume for puts exceeding calls by 1.2 to 1, data compiled by Bloomberg show. More than 200,000 puts were traded yesterday, giving the holder the right to sell the shares at a specified price. June $30 calls were the most active contracts today, with volume at 22,896. They were followed by June $28 puts and June $29 puts. 
 
 To contact the reporter on this story: David De Jong in New York at ddejong3@bloomberg.net 
 
 To contact the editor responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net
– As of yesterday, Priscilla Chan was no longer married to one of the world's 40 richest people. Bloomberg reports that Facebook's much ballyhooed drop below the $30-a-share mark yesterday caused Mark Zuckerberg to drop from the list. With the stock closing at $28.84, his fortune decreased from $16.2 billion on Friday to $14.7 billion yesterday. That boots him off of Bloomberg's daily Billionaires Index, and behind Luis Carlos Sarmiento, the richest man in Colombia. To hop over him, Zuck's wealth will need to rise $800 million. He's off to a less-than-promising start: Shares opened at $28.40 this morning, down 44 cents.