Zucker­berg's for­tune passes Kochs

The Pak Banker - - 6BUSINESS -

SAN FRANC­SICO: Mark Zucker­berg be­came the six­thrich­est per­son on Earth to­day. The Face­book Inc. founder saw his for­tune rise $6 bil­lion in trad­ing Thurs­day af­ter the world's big­gest so­cial net­work de­liv­ered an­other quar­ter of record rev­enue. That gives the 31-year-old a net worth of $47.5 bil­lion, enough to sur­pass the $45.9 bil­lion hold­ings of brothers Charles and David Koch, ac­cord­ing to the Bloomberg Bil­lion­aires In­dex.

Face­book re­ported on Wed­nes­day that fourth-quar­ter sales were up 52 per­cent to $5.84 bil­lion and net in­come had more than dou­bled to $1.56 bil­lion from a year ear­lier. More than 1.59 bil­lion users are now log­ging on ev­ery month, ac­cord­ing to the com­pany. Thurs­day's surge turned a year-to-date de­cline of more than $4 bil­lion for Zucker­berg into a $1.7 bil­lion gain for the year and pushed him above the Kochs, whose in­dus­trial hold­ings have been hit by lower oil prices.

The five bil­lion­aires that re­main above the tech en­tre­pre­neur in the rank­ing -- Bill Gates, Aman­cio Ortega, War­ren Buf­fett, Jeff Be­zos and Car­los Slim-- have lost a com­bined $19 bil­lion so far this month as global eq­ui­ties slump amid dim­ming in­vestor ex­pec­ta­tions of global growth. Be­zos, last year's top-per­form­ing bil­lion­aire, was down $3.9 bil­lion at the close of trad­ing Thurs­day, and slipped as much as $8 bil­lion more in ex­tended trad­ing af­ter Ama­zon.com Inc. re­ported fourth-quar­ter earn­ings that missed es­ti­mates. Zucker­berg is now one of only seven bil­lion­aires among the 100 rich­est peo­ple on Earth to see an in­crease this year, ac­cord­ing to the Bloomberg in­dex, a daily rank­ing of the world's 400 rich­est peo­ple.

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