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Mark Zuckerberg’s Net Worth: 5 Fast Facts You Need to Know

Mark Zuckerberg’s Net Worth: 5 Fast Facts You Need to Know
 

Mark Zuckerberg

  • Net Worth: $72.3 billion
  • Birthday: May 14, 1984
  • Education: Harvard University

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Mark Zuckerberg Facebook CEO / Getty Images

Mark Zuckerberg Net Value in 2018: $72.3 Billion

Mark Zuckerberg, founder and CEO of Facebook, is worth $72.3 billion, based to Forbes. He was the youngest self-made billionaire in history when Facebook went public when he was 23-years-old, and since then he is rated highly on several lists. He was number 13 on Forbes 2018 Most Powerful People list, number five on the 2018 World’s Billionaires List, number four on the Forbes 400 in 2017, number three on the Forbes Richest In Tech list in 2017, and number one in 2016 on the America’s Richest Entrepreneurs Under Age 40, International Game Changer, and the Richest Person In America’s 50 Largest Cities lists.

Zuckerberg’s career hasn’t been without controversy. The 34-year-old faced criticism for stealing the idea for Facebook in the Winklevoss twins, then for kicking out spouse Eduardo Saverin. More recently, he has attracted scrutiny for Facebook’s role in distributing fake news and affecting events and elections abroad.

Nevertheless, despite controversy, Facebook stock has surged through time, and Zuckerberg has profited. He spends his money on a large property portfolio and costly t-shirts, but has pledged alongside spouse Priscilla Chan to contribute 99 percentage of his wealth. His life has inspired thousands of posts, a couple novels, and even a film: The Social Network.

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1. He Made His First Million by Age 22

Zuckerberg based Facebook in his Harvard University dorm room, after tinkering with a few similar sites. He was interested in computers from a young age, and made Zucknet, a messaging platform made with Atari BASIC, when he was 12-years-old. The chat support was mainly employed by his father, who implemented it in his dental practice so receptionists could alert him if he had a new patient.

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After working with David Newman, a computer coach, Zuckerberg began attending graduate courses at Mercy College, and at Phillips Exeter Academy. He created something called Synapse, which was like an early version of Pandora. Though Microsoft and AOL both thought about purchasing the service, Zuckerberg did not sell.

At Harvard, he constructed CourseMatch, a program that helped students select courses. He built Facemash, where students could vote on two distinct faces of people on campus and select who was more appealing. It was soon banned from the university. Shortly, he was called a software whiz and Cameron and Tyler Winklevoss requested him to help build something named Harvard Connect, which is a dating website. Zuckerberg consented to aid, but soon ceased working on Harvard Join in favor of starting his own, similar website called The Facebook.

In 2004, Zuckerberg dropped from Harvard to concentrate on Facebook full-time. The move worked, and in 2005 Accel Partners invested $12.7 million to the business. Peter Thiel, founder of PayPal and other businesses, also spent. By December of that year, Facebook had 5. 5 million consumers.

Notably, Eduardo Saverin, Zuckerberg’s buddy and co-founder, footed the bill for the inital Facebook servers. The pair faced tension when Zuckerberg dropped out of college, according to the Company Insider story of this friendship, and it hit a breaking point when Facebook desired financing. Zuckerberg chose to cut Saverin from the business by developing a new firm to get the old firm, then distributing stocks to everybody in the new firm except for Saverin.

“Is there a way to do this without making it painfully apparent to him that he’s being diluted to 10%?” Zuckerberg wrote in an email to his attorney?

He went forward with the program in July 2004, and Saverin found out he had been diluted in 2005. A legal battle ensued, in addition to a personal one. Saverin set out for Zuckerberg’s standing in a series of interviews, finally catching the eye of Ben Mezrich, the writer who wrote the book that was finally made in the Social Network.

Despite all this, Facebook lasted to grow, expanding away from schools and to the public. Companies were excited to promote on the social networking platform, but Zuckerberg declined prospective advertisers such as Yahoo! and MTV, preferring to maintain the website ad-free. (The network did begin accepting advertisements in 2007).

In 2006, the Winklevoss twins stated Zuckerberg stole their idea, and Zuckerberg ended up paying them 65 million in a settlement. In spite of this, in 2007 Microsoft paid $240 million for a 1.6 percent stake in the organization.

In 2010, Zuckerberg got another financial boost when Goldman Sachs and Digital Sky Technologies spent $500 million in Facebook. Following those investments, the company was valued at $50 billion and individuals began to speculate that it would soon go public.

2. And by Age 28 He Was a Billionaire

Only after his 28th birthday 2012, Zuckerberg took Facebook public. It was not an immediate success. Due to technical issues, Facebook did not begin trading until 11:-LRB-************************************************************) a.m., and fell to $38 per share in an initial $42. 05. Investors were worried. Zuckerberg’s worth fell from $19 billion to $17 billion in 1 day, and over the quarter it had dropped to $11.9 billion.  However, it was the largest technology IPO ever, according to Fortune.

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Since that time, Facebook and Zuckerberg have more than recovered. Stocks are up 282 percentage since the IPO and Facebook has 1.3 billion consumers –roughly 50 percent greater than in 2012.

Also since that time, Zuckerberg has begun selling space to advertisers and consumer information to businesses, helping the company stay profitable. It had a revenue of $28 billion and an income of $10 billion in 2017, in addition to a market cap of $426. 5 billion. Annually since Facebook has gone public, Zuckerberg has added an average of $9 billion to his net worth, according to Fortune.

3. He Has a Big Real Estate Portfolio and His T-Shirts Are More Expensive Than They Appear

Zuckerberg’s famous casual appearance of gray t-shirts and hoodies is truly somewhat expensive. According to GQ, his “uniform” is composed of Brunello Cucinelli, Elder Statesman, and J Crew items, meaning his t-shirts might be approximately $900 and his hoodies around $2000.

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On the other hand, his cars are more affordable than you’d expect from a multi-billionaire. He’s been seen driving at a Honda Fit, a Volkswagen hatchback, and an Acura TSX, all of which cost under $30,000.

Then there is his property portfolio, which is vast. He possesses a 5,000 square foot Palo Alto house he bough in May 2011 for $7 million. It’s a “custom-made artificially intelligent assistant,” based to SF Gate.  In 2012, he started buying up properties around the very first home. He spent more than $30 million to buy four of the surrounding houses, which he proposed to rebuild. A year later, he purchased a townhouse in the Mission District of San Francisco, also included a greenhouse and other renovations totaling over $1 million.

In 2014, he and his wife purchased two properties in Kauai, Hawaii for $100 million. They are on a 357-acre former sugarcane farm, and that the couple said they bought to help conserve its natural beauty.

When he travels, he travels with safety, which Facebook pays . The business spent $5 million on security for Zuckerberg in 2015, and it has estimated that the costs were greater in 2017 as he took a tour across america.

4. His Net Worth Took a Dip Following Facebook’s Privacy Scandal, but It Was Only Temporary

In March 2018, Facebook stocks hit an eight-month low following the New York Times reported that information company Cambridge Analytica obtained tens of thousands of millions of Facebook users’ data–87 million were alarmed by Facebook following the breach. Within a couple of weeks, shares dropped over 20 percentage and dropped $90 billion in market value.

Zuckerberg was contested on Capital Hill (where information outlets pointed out that he left his gray t-shirt for once), and pledged to take greater responsibility for Facebook’s actions. Meanwhile, Cambridge Analytica declared bankruptcy. Moving ahead, Facebook stated it would no longer allow advertisements based on third party information. Additionally, it enabled users to clear their histories.

Within a couple weeks, stocks were straight up, and based to Forbes by May they were trading just under an all-time large. They had been up 23 percent since the March scandal, and Facebook earned $12 billion in the first quarter of 2018–that is 49 percent greater than the same quarter in 2017.

In March, Business Insider reported that Zuckerberg’s value was 5 billion. Since, it’s climbed by $13 billion.

5. He and His Wife Have Pledge to Rid the World of “Every Disease” Through a Enormous Donation to Science

Zuckerberg and wife Priscilla Chan (who’s been dating since they both attended Harvard University) founded the Chan Zuckerberg Initiative, a “philanthropic organization that brings together world-class engineering, grant-making, impact investing, policy, and advocacy work,” based to its site.

The initiative is funded through Facebook stock. Zuckerberg said he proposed to market 35 to 75 million shares starting in September 2017, which would mean $6 billion to $12 billion to the organization.

Chan and Zuckerberg previously contributed $3 billion to their initiative to fund research focused on treating disease. The couple said they wanted to cure “every disease” in their children’s lifetimes, something they acknowledged was an ambitious aim.

“Our society spends fifty times more investing in treating people who are sick than in curing diseases so people don’t get sick,” Zuckerberg said.

To reach the goal, the initiative will build tools such as AI and Machine Learning via a new $600 million BioHub in San Francisco.

Together, Chan and Zuckerberg have wowed to give away $45 billion of the wealth during their lifetime. They’re also a part of the Giving Pledge, a program started by Bill Gates and Warren Buffet, where billionaires devote themselves to giving the vast majority of their wealth.

 

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Tejas Sachdeva

Tejas Sachdeva

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