Mark Zuckerberg, CEO and co-founder of Facebook, rarely passes a day without being in the public eye. But lately he’s come under intense scrutiny because of Facebook’s privacy policies, Russian-based advertisers, and Cambridge Analytica. Ever since the privacy concerns surfaced, more and more people have talked about leaving the popular social networking site completely. But this likely won’t affect Zuckerberg much. He already is a multi-billionaire.
Mark Zuckerberg’s net worth is estimated at $64.2 billion, according to Forbes. Sure, that’s less than Jeff Bezos who has a net worth of $116.8 billion or Bill Gates with a net worth of $90.6 billion. But you might be surprised to learn that it’s far greater than Elon Musk’s net worth of $19.6 billion.
Here’s everything you need to know about Zuckerberg’s net worth:
1. Zuckerberg’s Net Worth Makes Him the Sixth-Richest Person in the World
Zuckerberg’s net worth, just below $70 billion, makes him the sixth-richest person in the world, Business Insider reported. The Cambridge Analytica news caused his net worth to drop by about $5 billion. This dropped him down to the sixth-richest in the world, after he was named the fourth-richest in January.
He’s been one of the richest people in the world ever since Facebook’s IPO in May 2012 became the biggest technology IPO in history, up to that date. Since then, he adds about $9 billion to his net worth every year.
He first became a millionaire when he was only 22 in 2006, Inc. reported. Thanks to the Facebook IPO, he was a billionaire at the age of 23.
2. His Plain Grey Tees Cost $300 to $400 Each
Zuckerberg certainly doesn’t dress like he’s worth. He typically wears grey T-shirts and hoodies with jeans — but they’re designed by luxury brands and are more expensive than they look. He said he prefers this wardrobe because he likes to have as few decisions to make as possible, so he can clear his mind to focus on helping the community, GQ reported. Business Insider shared that his tees are special ordered from Brunello Cucinelli and cost $300 to $400 each.
He also tends to buy inexpensive cars, like Hondas and Volkswagens valued around $30,000. Retail seems to be where his more lavish interests lie.
3. When His Daughter Max Was Born, He Announced Plans To Give Away 99 Percent of His Facebook Shares
After his daughter Max was born in 2015, Zuckerberg announced that he would be giving away about 99 percent of his shares over the course of his life to philanthropic efforts, in order to make the world a better place for her. (He later clarified this money was going to the Chan Zuckerberg Initiative.) He now has two daughters, Max and August. He took two months of paternity leave after she was born.
Zuckerberg is a member of the Giving Pledge, along with Bill Gates, Warren Buffet, and more than 100 other billionaires. The pledge is part of his vow to donate 99 percent of his Facebook shares.
He and his wife co-founded the Chan Zuckerberg Initiative, a philanthropic-focused organization dedicated to curing disease and building strong communities. They have invested $3 billion into research on curing the world’s diseases. The Initiative also partnered with a housing startup in 2017 to give $5 million to help 60 teachers in California purchase real estate.
4. He Plans to Sell 35 to 75 Million of His Facebook Shares By March 2019
In September 2017, he announced that he planned to sell 35 to 75 million of his shares over the next 18 months, totaling $6 billion to $12 billion, Business Insider reported. Zuckerberg said he was making these sales to help fund the Chan Zuckerberg Initiative. By February 2018, he had sold $357 million in shares, CNBC reported. CNBC referred to this as his “regularly times stock selling.” He sold just under $1 billion in shares last year.
A month later in late March 2018, CNBC noted that he had sold more Facebook stock in three months than any insider at any other company. MarketWatch reported on March 20, 2018 that the timing of Zuckerberg’s stock sales, just before the Cambridge Analytica news broke, saved him about $70 million.
But CNBC and others noted that analysts didn’t believe there was anything nefarious about his sales because they were part of regularly scheduled plans. Ben Silverman told CNBC: “The insiders use Rule 10b5-1 to sell on a regular basis. There are trading plans that they adopt and then they sell shares in a methodological manner. I don’t see a connection between the insider selling and the news that has come out in the last few days.”
The Chan Zuckerberg Initiative said that this is the beginning of an accelerated stock sale that Zuckerberg outlined in September to fully fund CZI, Recode reported. The sales plan was announced after investors sued Facebook over a plan to split Facebook’s stock and issue a new class of nonvoting shares, which would help Zuckerberg sell his shares without losing voting control over Facebook.
5. He’s Had Some Trouble with His Neighbors Over Housing Renovations
Zuckerberg has a home in Palo Alto’s Crescent Park. In 2013, he bought four houses adjacent to his home, Slate reported. He made the purchase because a neighbor had stated plans to build a mansion that would have had a direct view into Zuckerberg’s master bedroom shared by him and his wife, Priscilla Chan. The homeowner, Mircea Voskerician, agreed to sell the land to Zuckerberg at a discount if he introduced Mircea to some Silicon Valley contacts. Zuckerberg bought the right for $1.7 million and then the lots for $4.8 million. Mircea later sued Zuckerberg, saying that he never introduced him to anyone in Silicon Valley. In October 2015, it was announced that a judge refused to dismiss the fraud lawsuit, CNN reported, and the case would be going to a jury. But that never happened. Instead, in March 2016 it was announced that Zuckerberg was settling a lawsuit and paying no money to Voskerician. Zuckerberg’s attorney said that evidence showed Voskerician relied on doctored evidence to support his claims. Then in May 2016, Zuckerberg announced planes to raze four homes on his property and build four new ones with basements and small crawl spaces, Palo Alto online reported. But neighbors complained his plans would destroy the single-family feel of the neighborhood and reduce housing stock, violating zoning codes. The Architectural Review Board voted not to approve his application, Mercury News reported in January 2017.
In October 2014, Zuckerberg bought 750 acres of secluded land in Hawaii for $100 million, Slate reported. This included two plots of land: a sugar plantation and a 393-acre beach. He planned to build a secret hideaway on the land rather than a villa or a resort that might ultimately cost $100 million. But before long, he ran into a legal dispute with his neighbors in Hawaii, Mercury News reported in January 2017. Eight acres inside his property were actually owned by 300 other people, including rights to traverse the domain. This is actually fairly common in Hawaii. His companies filed lawsuits to try to compel the defendants to auction their land to the highest bidder. But the titles were unclear and clouded, so it wasn’t known if all the owners had even been located. Zuckerberg wrote about the suit: “For most of these folks, they will now receive money for something they never even knew they had. No one will be forced off the land. We love Hawaii and we want to be good members of the community and preserve the environment.” However, not everyone was happy and some felt the transactions might sever a family’s tie to ancestral land. But Zuckerberg said he bought the land because he was dedicated to preserving its natural beauty.
Zuckerberg also renovated a 1920s home in San Francisco. The $1 million in renovations to the 5,500-square-foot townhouse included adding a greenhouse and remodeling the kitchen, Business Insider reported.
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