Business World

Sunday 19 November 2017

Market likes Zuckerberg as shares rise

Mark Zuckerberg, chief executive officer of Facebook. Photo: Bloomberg
Mark Zuckerberg, chief executive officer of Facebook. Photo: Bloomberg

Tom Metcalf

Facebook founder Mark Zuckerberg has became the sixth-richest person on Earth.

The social media wonder kid saw his fortune rise $6.2bn in trading yesterday after the world's biggest social network delivered another quarter of record revenue.

That gives the 31-year-old a net worth of $47.6bn, enough to surpass the $45.9bn holdings of brothers Charles and David Koch, according to the Bloomberg Billionaires Index.

Facebook reported on Wednesday that fourth-quarter sales were up 52pc to $5.84bn and net income had more than doubled to $1.56bn from a year earlier. More than 1.59 billion users are now logging on every month, according to the company.

Yesterday's surge turned a year-to-date decline of more than $4bn for Zuckerberg into a $1.9bn gain for the year and pushed him above the Koch brothers, whose industrial holdings have been hit by lower oil prices.

The five billionaires that remain above the tech entrepreneur in the ranking - Bill Gates, Amancio Ortega, Warren Buffett, Jeff Bezos and Carlos Slim - have lost a combined $24bn so far this month as a result of the global equities slump.

According to Bloomberg's data, Zuckerberg is now one of three out of the 20 richest people on Earth to see their wealth increase this year.

Those richest 20 people had a combined net worth of $3.7 trillion as of January 27, a 14pc decline from the peak of $4.3 trillion on May 18, 2015.

The Bloomberg index's daily ranking updates every day at 5pm in New York and does not reflect intraday changes.

Irish Independent

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