Latest, Trending, Entertainment and Celebrity News

Mark Zuckerberg Has Dropped Out of the Top 20 Wealthiest People on The Planet

An American business tycoon, internet entrepreneur, and philanthropist, Mark Elliot Zuckerberg was born and raised in California. He is the chairman, chief executive officer, and controlling shareholder of Meta Platforms (previously Facebook, Inc.), the holding company for the popular social networking website Facebook, which he co-founded.

Zuckerberg and his Harvard University roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes created Facebook in February 2004. After a limited rollout on college campuses, the site’s popularity skyrocketed; by 2012, it had amassed one billion members worldwide.

In May 2012, Zuckerberg took the majority stake in the firm public. At the tender age of 23, in 2007, he created history by becoming the youngest-ever self-made billionaire. Starting in October 2022,

Growing up And Going to School

Mark Zuckerberg was born on May 14, 1984, in White Plains, New York. His parents’ professions are quite different; his mom practices psychology and his dad is a dentist.

Mark grew up in Dobbs Ferry, New York, a quaint Westchester County community about twenty miles north of Midtown Manhattan, with his sisters Randi, Donna, and Arielle.

Prior to enrolling at Phillips Exeter Academy in New Hampshire, he graduated from Ardsley High School. When it came to science, Zuckerberg was a standout student and recipient of multiple prizes.

Financial Worth and Annual Income of Mark Zuckerberg

Mark Zuckerberg is an American tech entrepreneur and philanthropist who has a net worth of $37 billion. For much of the last decade, Mark Zuckerberg has been one of the world’s wealthiest persons. Mark is the youngest of the world’s 100 richest persons. He’s the youngest in the top 30 by over a decade.

It probably comes as no surprise that Mark has accumulated the bulk of his wealth from his ownership stake in the social networking site Facebook. Mark presently holds over 400 million Facebook shares, across a wide range of share classes with varying voting rights.

About 81% of all Class B shares (365 million) are in his possession, and he possesses around 12 million Class A shares. Mark controls 53% of the company’s vote thanks to his Class B super-voting shares. Mark effectively controls roughly 58% of the company’s voting power because he also owns co-founder Dustin Moskovitz’s Class B voting rights.

Annual Salary

Mark Zuckerberg receives an annual salary of one dollar. There was no misspelling there. Most CEOs, like Facebook’s Mark Zuckerberg, opt for low remuneration in order to maximize the company’s bottom line.

When a firm achieves maximum profitability, the value of the executive’s stock portfolio rises, representing the source of the executive’s genuine wealth. The annual salaries of Google executives like Eric Schmidt, Larry Page, and Sergey Brin are a measly $1.

Read More: Joe Biden Net Worth: How Much is Joe Biden Worth as President?

Material Gains One After Another

On August 7, 2020, Mark Zuckerberg’s fortune passed the $100 billion mark for the first time. As of late 2021, his wealth had reached a record $137 billion, making him the third richest person on Earth.

As of the first of the year 2022, he was valued at $126 billion. At that point, he had the equivalent of the world’s fifth-largest fortune.

Mark’s luck took a turn for the worst during the next few months as Facebook’s share price plummeted from $340 to $100.

His wealth was estimated to be $65 billion at the end of April, down from $85 billion in early January. His fortune had dropped to $37 billion by the end of October, down $100 billion from the previous year and $89 billion from January 1. There had never been a billionaire who had lost so much money in such a short amount of time. Mark lost enough money to drop from third to thirty on the list of the world’s wealthiest people.

Read More: Greater Georgia Sues for Transparency on Zuckerberg’s $5.6m Donation to Raffensperger in 2020 Election

Contributions to Charity and The Chan Zuckerberg Initiative

Facebook co-founders Mark Zuckerberg and Kevin Chan gave $25 million in October 2014 to help stop the spread of the Ebola virus in West Africa.

Mark Zuckerberg net worth

On December 1, 2015, Zuckerberg and Chan committed to giving the Chan Zuckerberg Initiative 99% of their Facebook shares, which were worth US$45 billion. The money would be paid out gradually throughout the course of their lifetimes.

Zuckerberg and Chan opted for a limited liability company structure rather than founding a nonprofit to contribute to the stock’s worth, following in the footsteps of Bill Gates, Warren Buffett, Larry Page, and Sergey Brin (LLC). The Chan Zuckerberg Initiative has been accused of engaging in “philanthrocapitalism” by some journalists and academics.

To promote communication and cooperation among researchers at UCSF, UC Berkeley, and Stanford University, the Chan Zuckerberg Initiative donated $600 million in 2016 to establish the non-profit Chan Zuckerberg Biohub in San Francisco’s Mission Bay District, next to UCSF.

Biohub and the researcher’s home institution would share ownership of any intellectual property created. Biohub maintains the right to market any research it finances, in contrast to foundations like the Bill & Melinda Gates Foundation, which make all funded research freely available for access and reuse by the public.

After receiving approval from Biohub, creators will have the option to release their innovations as open source. Scientists at CZ Biohub are obligated to upload their publications and data to preprint servers like bioRxiv in order to forward the goals of open science and raise the visibility of their research.

During the height of the COVID-19 epidemic, Zuckerberg gave $25 million to an accelerator supported by the Bill & Melinda Gates Foundation that is working to find a cure for the disease. In addition, he said that Facebook, Inc. would spend $75 million advertising in local newspapers, targeting people in areas hit hard by the pandemic, and give away $25 million in grants to help local journalism.

Read More: Mark Zuckerberg’s Wealth Plunges By $31 Billion After Meta Shock

Financial Investment in Real Estate

They have about $200 million worth of properties and land, which is spread out among them. Their real estate holdings include a townhouse in San Francisco and three houses in Palo Alto in addition to their 1,400 acres in Hawaii.

In 2011, Mark Zuckerberg spent $7 million on a modest 5,000-square-foot home in Palo Alto, where he and his family currently reside. Nonetheless, he owns the other houses in the neighborhood, turning this “small” abode into a gated community.

In 2012, Zuckerberg began amassing the four properties immediately adjacent to his residence. He spent about $43 million in total buying up the neighborhood. He leased the properties back to the original occupants with the intent of demolishing and replacing them at a later date.

Officials in his city turned down his proposal, so he filed a revised one in which two of the houses would be renovated while the other two would be demolished and rebuilt as ranch-style residences.

He spent $10 million buying a San Francisco townhouse in 2013 with 5,500 square feet of space. The house was constructed in 1928, and its lot measures 9,800 square feet. It has a sidewalk frontage of 70 feet. The total cost of the renovations came to over $1.6 million. Supposedly $65,000 if only the kitchen and one bathroom were renovated.

Zuckerberg spent $100 million on two Kauai, Hawaii, residences in 2014. These land holdings encompass 750 acres of secluded beachfront property in Hawaii. In 2017, he spent almost $45 million to buy an additional 89 acres nearby. After purchasing an additional 100 acres in January 2022, his Kauai holdings would eventually expand to 1,400 acres.

Facebook founder Mark Zuckerberg spent $59 million in 2018 on a pair of Lake Tahoe waterfront mansions. Zuckerberg has private access to 600 feet of Lake Tahoe shoreline between his two residences.

Read More: How Acquiring Twitter For $44B Affected The Net Worth of Elon Musk?

Article’s Logical Conclusion

Mark Elliot Zuckerberg is an American business magnate, internet entrepreneur, and philanthropist. He is known for co-founding the social media website Facebook and its parent company Meta Platforms (formerly Facebook, Inc.), of which he is the chairman, chief executive officer, and controlling shareholder.

He was born in White Plains, New York on the 14th of May, 1984. Zuckerberg has a net worth of $37 billion. Zuckerberg and Chan own roughly $200 million worth of real estate and land around the world. Some of their most notable real estate assets include 1,400 acres in Hawaii, several homes in Palo Alto, and a townhouse in San Francisco.

Comments are closed.