Facebook Mark Zuckerberg Adds $1.6 Billion to His Fortune

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Facebook CEO Mark Zuckerberg added $1.6 billion to his fortune since the social network closed at record high on Thursday. The author of The Facebook Effect, David Kirkpatrick, said the 30-year-old chairman is just getting started and he is going to become “the richest person on the planet.” The company set a new record and gained a larger market capitalization than AT&T, Coca-Cola and IBM. Over a decade since Facebook was created, the social network is close to the $200 billion-plus club. Apple, Google and Microsoft are in this club. The company’s market capitalization is now worth $192 billion.

In the second quarter of 2014, mobile promotions revenue was 62 percent derived from advertisement sales. In the prior period the number was 59 percent. These promotions are one of the highlights of the company’s earnings. The California-based social network’s income has grown from $562 million to almost $1.5 billion in the last year. Facebook’s costs, meanwhile, have risen 21 percent between April and June of 2013 and 2014. In itself, the company cost-base for generating sales increased modestly and Facebook made more in sales this year than previously.

Kirkpatrick said, “There’s no sign it’s going to slow anytime soon.” According to the author, Facebook’s success is growing minute by minute. Other social network shareholders, such as Dustin Moskovitz, website co-founder at Harvard University and the chief operating officer Sheryl Sandberg, are also richer than before. Sandberg owns 9.9 million shares and has collected about $550 million in sales, Zuckerberg owns more than 422 million shares.

Mark Zuckerberg added $1.6 billion to his fortune and Facebook CEO subsequently surpassed Google co-founders Sergey Brin and Larry Page, according to the Bloomberg Billionaires Index. At the age of 30, the chairman has a net worth $33.1 billion, as Forbes announced, moving him past 40-year-old Brin and Page, 41. He is richer than Jeff Bezos, chief executive on Amazon, as well. On Thursday Amazon reported its biggest loss since 2012 considering Bezos built more distribution warehouses, developed new tablets, smartphones and added online grocery deliveries. The company had a quarterly loss of $126 million even as revenue up 23 percent. A year earlier Amazon loss’ was $7 million.

Zuckerberg announced that Facebook would be on the stock market two years ago. Three months later, the CEO’s personal worth, 28 years old at the time, was valued at $9 billion. Earlier this spring, he bought text messaging company WhatsApp for $16 billion. He also purchased photo sharing program Instagram for a billion. Most recent Zuckerberg’s buy was Oculus, a virtual reality hardware product, and drone manufacturer Ascenta. He paid $2 billion for the headset company, and the company is selling the equipment at $350. Growing by the day, the social network has a one billion user base and Facebook is encouraging their clients to become more social in real-time.

Carlos Slim, Mexican businessman, is still the richest man in the world since 2011, according to Forbes. At the age of 74, he was valued at $80 billion. Microsoft Bill Gates topped the list back in 1995 with $12.9 billion. Nowadays, at the age of 58, Gates is the runner-up with a net worth of $80 billion. After Facebook’s $1.6 billion being added to Mark Zuckerberg’s fortune, the CEO is No. 16 ($33.1 billion).

By Murillo Moret

Sources:
Forbes
USA Today
The Age
Bloomberg
Inferse
Business Insider

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