Science & Tech

Facebook founder earns US$6.8 billion in one day

Mark Zuckerberg, the 37-year-old tech billionaire behind Facebook, the world’s largest social network, has seen his wealth surge by about US$6.75 billion in a day, placing him at a wealth valuation of $137 billion, according to data collated from Bloomberg Billionaire Index.

The American entrepreneur’s wealth holdings is currently over 5 times more valuable than the eighth most valuable crypto, Dogecoin, which holds a market capitalization of about US$25 billion.

Zuckerberg, the fifth richest individual hold’s his large chunk of wealth on Facebook valued at about US$134 billion with cash reserves of about US$3.30 billion. He remains the youngest person ever to be worth over US$100 billion.

The father of two young daughters’ current valuation is estimated to buy about 75.6 million troy ounces of gold or 1.85 billion barrels of crude oil. With his massive wealth notwithstanding, the tech billionaire is known for being modest particularly in his lifestyle and spending habits although he is also known for having a taste for premium real estate properties.

The world’s largest social media company posted incredible gains at the end of Friday’s trading session, driven both by better-than-expected earning results from Snap, a social media rival, and an upgraded 12-month price target for Facebook shares.

At the close of trading, Facebook’s shares posted gains of about 5.30% to settle at $369.79, thus giving it a market value of $1.049 trillion. The stock is fired up on all cylinders printing yearly gains of about 60% on bullish sentiments that Facebook may also see a significant acceleration in its growth when the Silicon Valley-based business reports its results on July 28.

Also supporting Facebook’s bullish bias is Credit Suisse analyst, Stephen Ju’s recent upgrade, raising his yearly 12-target for Facebook shares from $400 to $480 on advertisers’ strong levels of spending, suggesting more upsides for the trillion-dollar valued company.

Consequently, investors are relatively holding on to Facebook shares as Instagram, its subsidiary, posts strong growth with its new ‘Collab’ option in play, amid the rising Chinese-owned TikTok that stood as the world’s most downloaded app in H1, 2021.

According to a December 2015 SEC filing, the tech billionaire plans to give away 99% of his Facebook shares over the course of his lifetime.

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