Tuesday, October 25, 2016

Mark Zuckerberg makes $1.6 billion in a Week, net worth soars to all-time high

Bolstered by surging revenues, the growing popularity of Facebook Live and the recent debut of a food-delivery service, shares of Facebook rose 1.5% Friday, finishing 3% above Monday’s opening price.

As the company heads toward its quarterly earnings announcement on November 2, the stock is now trading at an all-time high.

Mark Zuckerberg’s net worth, heavily tied to Facebook’s stock performance, has risen to a record $56.6 billion. 

The biggest beneficiary is, of course, Mark Zuckerberg, Facebook’s co founder and largest individual shareholder. This week alone Zuckerberg’s net worth increased by more than $1.6 billion to an estimated $56.6 billion; he is currently the fifth-wealthiest person in the world, according to FORBES’ real-time ranking of The World’s Billionaires, ahead of Mexico’s Carlos Slim, once the planet’s richest person.

Facebook has had an all-around stellar 2016. Shares are up over a quarter since January 1, despite briefly slumping soon after the New Year. As a result, Zuckerberg, who has a controlling voting interest in the company, jumped to fourth place on this year’s edition of The Forbes 400, up from seventh in 2015. He is now behind only Microsoft’s Bill Gates, Amazon’s Jeff Bezos and Berkshire Hathaway’s Warren Buffett.

Analysts remain almost universally confident that the social media giant will continue to post strong results. With Facebook’s third-quarter earnings report around the corner, the business is projected to bring in roughly $7 billion in revenue, driven by huge growth in video advertising, particularly on mobile.

Culled from www.forbes.com
Photo credit: David Paul Morris/Bloomberg

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