iHustla
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- Jul 6, 2011
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Facebook Inc. (FB)'s $16 billion initial public offering has made 28-year-old Mark Zuckerberg the 29th richest person on Earth.Facebook, the world's most popular social networking company, sold 421.2 million shares for $38 each. At that price, the 503.6 million shares and options Zuckerberg owns are valued at $19.1 billion, making him wealthier than Google Inc. (GOOG) co- founders Sergey Brin and Larry Page, according to the Bloomberg Billionaires Index.
"Zuckerberg doesn't think about his wealth," David Kirkpatrick, author of "The Facebook Effect," a history of the company, said in an May 17. "This is a huge success for everybody. There's no way it can be seen otherwise."
Facebook's chief executive officer started the Menlo Park, California-based company for Harvard University classmates as a 19-year-old in his dorm room. It now has more than 900 million monthly users and generated $3.7 billion in revenue in 2011.
Zuckerberg sold 30.2 million shares for $1.15 billion during the offering. Most of the proceeds will be used to pay the taxes associated with exercising 60 million stock options.
Facebook's $104.2 billion valuation crystallizes the fortunes of the company's three other co-founders. Dustin Moskovitz, 27, who roomed with Zuckerberg at Harvard, is now worth $5.1 billion. He owns 133.7 million shares of the company's Class B stock, and will sell 7.5 million shares if the underwriters exercise their option to buy additional stock.
Source: Facebook IPO Makes Zuckerberg Richer Than Google Founders-Yahoo! Finance
