Home » Current Affairs » Facebook CEO Mark Zuckerberg Is World’s Fifth Richest Person

Facebook CEO Mark Zuckerberg Is World’s Fifth Richest Person

Richest Person
Image courtesy: Google

Net worth of Mark Zuckerberg rose $3.8 billion on Thursday (July 27), sending him past Mexico’s Carlos Slim to become the world’s fifth richest person.

He is now worth an estimated $72.7 billion—a record high—according to Forbes’ real-time rankings of the world’s billionaires.

Meanwhile, Amazon CEO Jeff Bezos, for a brief period of time, became the world’s richest person surpassing Bill Gates.

However, Microsoft founder Gates regained the top spot before the end of the day.

Facebook continues to dominate the social media landscape. The company unveiled its stellar second-quarter earnings report, which showed huge gains in revenue and profitability.

The social media company’s shares are up 50% since the start of 2017. Facebook also said Wednesday it has more than 2 billion monthly active users.

Those gains were a tremendous boon to Zuckerberg’s personal fortune. His net worth rose $3.8 billion.

In its quarterly report, Facebook beat analyst expectations on profitability and on revenue, the ninth straight quarter it has done so.

Between April 1 and June 30, total revenues were $9.32 billion, a 45% increase over last year’s second quarter.

Profits also rose substantially; the company posted earnings per share of $1.32, a 69% gain from the same period in 2016.

Facebook shares are up more than 50% since January, equivalent to a market cap increase of nearly $170 billion.

Zuckerberg’s net worth has risen in turn; his fortune has jumped over $24 billion since January 1 .

That success has come while social media rivals Twitter and Snap continue to languish on public markets.

Zuckerberg founded Facebook in 2004 as a 19-year-old student at Harvard. He later dropped out to focus full-time on the startup.

Leave a Reply