Mark Zuckerberg, co-founder, president and CEO of Facebook is worth $56 Billion.
I’m pretty sure that when Mark Zuckerberg and his Harvard dorm mates hatched the idea of a social networking site eleven years ago, they never knew it would bring them not just millions but billions so fast. Today, Zuckerberg is ranked among the top ten tech billionaires worldwide by Forbes Magazine.
Starting out humble in the dormitories of Harvard University, a simple idea of digitally connecting two far apart people quickly spread like wildfire; from the Harvard University dorms to the grounds of several universities. Eventually, the whole world was caught up in the social networking hype. This simple history of Facebook is what gives us the genesis of the gold mine in which Mark Zuckerberg is digging his riches from.
In 2007 at just 23, Mark banked his first billion from Facebook and since then, his bank accounts have been increasing exponentially as more people get into Facebook. As of June 2015, Facebook enjoyed a 13% increase in users as compared to the previous year. Currently, the site has an estimated 1.49 billion users, all who spend over 700 billion minutes of time per month on the site. Facebook is ranked second in terms of traffic, coming after Google which is the most visited site worldwide. Huge traffic means huge cash, and Facebook’s huge cash is largely channelled to Zuckerberg’s already exploding accounts; all thanks to the 22% stake he holds at the company.
Thanks to the increased traffic, businesses resort to Facebook for marketing and sales improvement through ads, which is one of the major sources of income for the company. The company has also been on a buying spree. It recently purchased Oculus, a virtual reality Startup company, aiming at producing virtual reality headsets. The first batch of the headsets, called the Rift, is expected to be shipped to customers by early 2016.
Apart from seeking new ways to make more money, Mark Zuckerberg is using a clever strategy to fetch more money from his company. As CEO, Zuckerberg takes home a salary of $1 per year. This is a common and clever strategy used by many billionaire entrepreneurs; the likes of Larry Ellison, where they lower their salaries as low as possible thus maximizing the company’s profits. The increase in company’s profits increases the stock holdings value of the company; exactly where the true wealth of the executives comes from. As of June 2015, Facebook’s shares were trading at $80 per share; vividly explaining the source of Zuckerberg’s wealth.
Basically, a man works to eat, sustain his living and give back to the society. Mark Zuckerberg is a family man married to one Priscilla Chan. Together they have put their vast amount of wealth into constructive use via initiatives such as Internet.org. an initiative aimed at providing free basic internet to people in Asia, Africa and Latin America. They have also invested $100 million into Alt. School; an educational initiative aimed at promoting personalized high-tech education. The couple pledged to give away 99% of their Facebook wealth throughout their lifetime.
The future of Mark Zuckerberg’s net worth
Facebook is still a pace setter in the social networking scene and it is not about to give up its position anytime soon. Currently, the company has an employee base of nearly 11, 000, located in 48 different offices worldwide. Though this is not Mark’s first company, his success in Facebook is nothing compared to what other leaders in internet entrepreneurship and social networking have achieved. Keeping up with this trend, Mark Zuckerberg is a billionaire to look out for.