Business Technology

Wednesday 17 September 2014

Sheryl Sandberg a billionaire thanks to Facebook

Published 23/01/2014 | 02:30

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Sheryl Sandberg, chief operating officer of Facebook Inc., reacts during the DreamForce Conference in San Francisco, California, U.S., on Wednesday, Nov. 20, 2013. Salesforce.com Inc. introduced an overhauled version of its mobile software, seeking to ensure clients and partners will be able to use more features of the company's sales, marketing and customer service software. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Sheryl Sandberg
Sheryl Sandberg

BONO'S fortune jumped this week while Sheryl Sandberg became one of the world's youngest billionaires, after Facebook stock soared to a record high.

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The company's share price closed at $58.51 on Tuesday in New York, more than triple the social network's lowest share price in the $17 range in September 2012 and significantly higher than its IPO price of $38.

This values the percentage of Facebook owned by Bono's investment company Elevation at about $2.3bn (€1.7bn), though it's not clear just how large Bono's stake in Elevation is (he was one of six founding partners).

Elevation, which invests in media, technology and music companies, bought about 44.7 million shares in Facebook for $210m between 2009 and 2010, before the social network went public.

It sold about 11pc of its stake in the IPO, netting about €160m. At the time it bought into Facebook, it had a reputation as "arguably the worst-run institutional fund of any size in the United States", according to influential investing blog 24/7 Wall Street.

Sheryl Sandberg's personal fortune also exceeded $1bn on the back of the share price rise this week. Facebook's chief operating officer and author of working women's guide 'Lean In' owns about about 12.3m shares of the California-based company.

Her stake is now valued at about $750m. Ms Sandberg has also collected more than $300m selling shares since the company's 2012 IPO. This means the 44-year-old is one of the youngest female billionaires in the world.

Ms Sandberg's rise in wealth mirrors her broadening role on the global stage. The Harvard University graduate and one-time chief of staff for former treasury secretary Lawrence Summers is a donor to President Barack Obama and sits on the board of Disney. She was lured from Google in 2008 and stepped down from the board of Starbucks in 2012. (Additional reporting by Bloomberg)

Irish Independent

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