Zuckerberg gains $4 billion to become world’s sixth richest person
The market’s positive response to Facebooks strong first quarter earnings report has made the social media giant’s CEO $4.2 billion richer in after-hours trading. Mark Zuckerberg is now the sixth richest person in the world with fortune that Forbes estimates is $51.7 billion, surpassing Oracle Chairman Larry Ellison by nearly $2 billion as of 6:30 p.m. Eastern time.
On Wednesday, Facebook stock jumped nearly 10% in after-hours trading, after the company announced that its revenue and earnings had beat analysts’ expectations again for the first quarter of 2016, following a record fourth quarter. Revenue for the first quarter was $5.38 billion, above the $5.26 billion analysts predicted, with mobile advertising continuing to drive overall revenue. Facebook’s net income was $1.51 billion, up 195% from last year’s first quarter.
Zuckerberg, Ellison and Amazon CEO Jeff Bezos are all solidly in the ranks of the world’s top ten richest people, but have switched between fifth, sixth and seventh place this year as their companies’ stocks have risen and fallen. These three billionaires, who hold the majority of their fortunes in their respective company’s stock, can gain or lose billions of dollars in just minutes of after-hours trading after quarterly earnings reports. That’s often enough to unseat another billionaire, as Zuckerberg did today, regaining his spot as the world’s sixth richest person. He’s less than $2 billion behind Bezos, who holds the spot as the world’s fifth richest person. Forbes updates all billionaire net worths throughout trading hours daily in our Forbes Real Time Rankings.
“strong first quarter earnings report has made the social media giant’s CEO $4.2 billion richer in after-hours trading.”
thats probably in about 10 minutes..its obscene..and he tells us how to live..he has no idea how we live..
the rich get richer and the poor get the picture..