Subscribe

Facebook bolsters Zuckerberg's fortunes

Nicola Mawson
By Nicola Mawson, Contributor.
Johannesburg, 28 Jul 2014
Facebook founder Mark Zuckerberg is now worth $33.3 billion after Facebook shares hit a record high.
Facebook founder Mark Zuckerberg is now worth $33.3 billion after Facebook shares hit a record high.

$33.3 billion - that is what Facebook founder Mark Zuckerberg is worth after the company's shares shot to a record high on the back of its second quarter results, which beat expectations.

According to Bloomberg's latest list of billionaires, the 30-year-old founder of the world's largest social media network added $1.6 billion to his fortune thanks to the gains in the stock price. Reuters reported on Friday that the company had reached a market capitalisation of $190 billion, making it bigger than stalwarts such as Coca-Cola and AT&T.

The wire service noted Facebook was not a member of the Dow industrials, but if it was, it would be larger than two-thirds of that index's 30 members. This comes after its stock touched a record high of $76.74 on Thursday after earnings and revenue beat analysts' forecasts.

Facebook recorded $791 million in net income, compared with $333 million in the second quarter of last year. Reuters notes the speed of Facebook's rise to mega-cap status is notable, because it took Apple nearly three decades to achieve the landmark, while Google needed five years.

Zuckerberg - who famously earns only $1 a year - is now at number 16 on Bloomberg's list. Microsoft founder Bill Gates is at the top spot, with an $84.7 billion net worth, which declined $232.3 million, according to that wire service's latest rankings.

Just behind him is Mexican telecoms tycoon Carlos Slim, who is apparently worth $78.8 billion after his fortune gained $459.4 million.

Oracle co-founder and CEO Larry Ellison cracks the Bloomberg nod at number seven, with a $45.2 billion fortune, which gained $220.9 million.

At 16 and 17 are Google founders Larry Page and Sergey Brin, who are worth $33 billion and $32.8 billion respectively. Page's fortune declined $111.9 million, while Brin lost $109.8 million.

Activist Carl Icahn, who famously opposed Michael Dell's bid to take the computing company private, is worth $23.3 billion, and comes in at 31 on Bloomberg's list, having lost $72.7 million.

Share