Mark Zuckerberg has a billion reasons to smile after Facebook became the fifth American company to hit a $1 trillion valuation.
The founder of the world’s most popular social media platform is now estimated to be worth $132 billion after posting daily gains of about $5.2 billion as the social media juggernaut hit a new milestone.
Zuckerberg holds about $3.28 billion in cash (2.48% of his net wealth).
The fifth richest individual since 2021 had posted a wealth gain of $28.7 billion, as the southpaw business leader plans to give away 99% of his Facebook shares over his lifetime.
The world’s biggest social media company, Facebook at the close of Monday surpassed a $1 trillion market valuation with the stock trading at $355.64 near its record high of $358, posting yearly gains of about 61.2%.
Global investors are piling into Facebook (the owners of Whatsapp and Instagram) on the account that it got a favourable legal ruling that dismissed an antitrust complaint brought against it by the Federal Trade Commission whose major objective is the enforcement of civil American antitrust law and the promotion of consumer protection.
The FTC had earlier filed a case for the unwinding of Facebook’s Instagram and WhatsApp acquisitions but got struck out after an American federal judge stated that the FTC did not provide enough evidence that Facebook is a monopolistic establishment.
Facebook is the fifth American company to hit the milestone, joining the elite club that includes Apple, Microsoft, Amazon, and Alphabet, the parent company of Google.
The California-based company in 2020 posted a massive revenue of $86 billion and has its monthly users boosted by about 3 billion. Facebook’s initial public offering about a decade ago was the largest-ever technology IPO at the time.
Zuckerberg’s most recent wealth valuation is estimated to be above the worth of 1.78 billion barrels of crude oil or 74.1 million troy ounces of gold.
The 37-year-old tech entrepreneur remains the youngest individual ever to be worth over $100 billion.
For their philanthropy efforts, the tech billionaire and his wife Priscilla Chan have in recent years donated billions of dollars into childhood education and medical research.