Zuckerberg Gains $3.2 Billion as Facebook Soars on MobileDavid de Jong
Facebook Inc.’s three billionaire co-founders added $4.5 billion to their collective net worth yesterday after the world’s largest social-networking company closed at a record.
Mark Zuckerberg, the company’s 29-year-old chief executive officer, gained $3.2 billion, elevating his fortune to $27.4 billion, according to the Bloomberg Billionaires Index. He added $12.4 billion to his net worth in 2013.
“He has more wealth than anybody could ever hope to use in a lifetime,” James Cody, a managing director of estate, trust and philanthropy services at Harris myCFO Inc., said in a phone interview from his office in Palo Alto, California. “What he has done with his wealth so far speaks to the fact that he’ll do more good for charitable purposes.”
Facebook rose 14.1 percent to $61.08 in New York. The rise followed quarterly results in which revenue rose 63 percent to $2.59 billion, the Menlo Park, California-based company said in a statement Jan. 29. Analysts on average had projected sales of $2.35 billion, according to estimates compiled by Bloomberg.
Zuckerberg, who donated $1 billion to the Silicon Valley Community Foundation last month, spent the last year adding more ways for advertisers to reach consumers as users spend more time on wireless devices. Mobile promotions accounted for $1.25 billion in the latest quarter, representing 53 percent of ad sales, up from 49 percent in the prior period.
Dustin Moskovitz, the 29-year-old who started Facebook with Zuckerberg, Eduardo Saverin and Chris Hughes at Harvard University a decade ago, gained $940 million. He’s the youngest billionaire on Earth and is eight days younger than Zuckerberg.
Saverin, 31, gained $400 million, and controls a $3.3 billion fortune. The Brazil-born investor renounced his U.S. citizenship before the company’s 2012 initial public offering and resides in Singapore.
Sheryl Sandberg, Facebook’s 44-year-old chief operating officer, became one of the world’s youngest female billionaires last week. She owns about 12 million shares valued at $735 million and has collected more than $300 million selling shares since the company’s IPO.
“She can do the same thing as a young male executive could do,” Cody said. “It doesn’t differ in terms of gender. It is a question of what the individual’s priorities are in using that wealth and using it for the common good.”