Thursday 28 July 2016

Mark Zuckerberg personal fortune soars by $3.4bn in an hour: Networth reaches $56.7bn

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Facebook CEO Mark Zuckerberg
Yesterday was already a good day for Facebook CEO Mark Zuckerberg, after the company announced its quarterly profits had soared 186 per cent to $2bn.
It got even better for him, with Facebook's stock price rising a further 6.5 per cent in after-hours trading, with stock prices rising to $131.40 at 5.15pm.

The jump saw Zuckerberg's personal fortune rise by $3.4bn, bringing his net worth to a high of $56.7bn and making him the fifth-richest person in the world, according to Forbes.

The 32-year-old is behind Jeff Bezos, who is worth around $64bn.

It is not the first time Zuckerberg has seen a sudden jump in his fortune in April it went up by $4.2bn in after-hours trading after Facebook posted strong first-quarter results.

With its global base of monthly active users growing to 1.71 billion, Facebook saw a 59 percent jump in total revenues to $6.4 billion, mostly from online advertising.

'Our community and business had another good quarter,' Zuckerberg said after yesterday's results were announced.

'We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services.'

Facebook is one of the biggest beneficiaries as advertisers move money away from TV to the Internet and mobile platforms.

The company has been beefing up its presence in the mobile video market, where Snapchat and YouTube pose strong competition.

The company is also exhorting advertisers to experiment with Facebook Live, its recently launched live video product.

Facebook has been dominating the social media space as well as related online advertising as it seeks to diversify into areas such as messaging, virtual reality and other fields.

The research firm eMarketer estimates that Facebook is taking in two-thirds of social media ad revenues, dominating rivals such as Twitter, which this week reported disappointing results.

Zuckerberg also said Facebook is now seeing 2 billion searches per day of its 2.5 trillion posts, a 33% climb in just 9 months.
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