CEO Of Facebook Mark Zuckerberg Biography & Net Worth (See Details)

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CEO Of Facebook Mark Zuckerberg Biography & Net Worth (See Details)

Mark Elliot Zuckerberg is an American media magnate, internet entrepreneur, and philanthropist. He is known for co-founding Facebook, Inc. and serves as its chairman, chief executive officer, and controlling shareholder.

Early Life

Mark Elliot Zuckerberg was born on May 14, 1984, in White Plains, New York to Edward, a dentist, and Karen, a psychiatrist. He has three sisters, Randi, Donna, and Arielle and was brought up in Dobbs Ferry, New York in Westchester County. He had a Star Wars-themed bar mitzvah.

Zuckerberg attended Ardsley High School for his first two years of high school. He transferred to the private school Phillips Exeter Acadamy, where he won prizes in mathematics, astronomy, physics, and classical studies. On his college application, Zuckerberg stated that he could read and write French, Hebrew, Latin, and ancient Greek. He was captain of the fencing team.

Zuckerberg began using computers and writing software in middle school. His father taught him BASIC Programming in the 1990s, and later hired software developer David Newman to tutor him privately. Zuckerberg took a graduate course in the subject at Mercy College near his home while still in high school. In one program, since his father's dental practice was operated from their home, he built a software program he called "ZuckNet" that allowed all the computers between the house and dental office to communicate with each other. It is considered a "primitive" version of AOL's Instant Messenger, which came out the following year. During Zuckerberg's high school years, he worked under the company name Intelligent Media Group to build a music player called the Synapse Media Player. The device used machine learning to learn the user's listening habits, which was posted to Slashdot and received a rating of 3 out of 5 from PC Magazine. Both AOL and Microsoft tried to purchase Synapse from him for several million dollars and recruit Zuckerberg to their companies, but Zuckerberg went to turn them both down and instead enrolled at Harvard in September 2002.

Personal Life

Zuckerberg met his future wife, fellow student Priscilla Chan, at a fraternity party during his sophomore year at Harvard. They began dating in 2003.

In September 2010, Zuckerberg invited Chan, then a medical student at the University of California, to move into his rented Palo Alto house.  On May 19, 2012, Zuckerberg and Chan married in Zuckerberg's backyard in an event that also celebrated her graduation from medical school. On December 1, 2015, Zuckerberg announced the birth of their daughter, Maxima Chan Zuckerberg ("Max"). They welcomed their second daughter, August, in August 2017.

Zuckerberg and Chan are members of The Giving Pledge and active philanthropists through their foundation, the Chan Zuckerberg Initiative. The couple intends to eventually donate 99% of their Facebook shares to the Initiative.

Harvard

Zuckerberg had a reputation as a programming prodigy by the time he got to Harvard. He studied psychology and computer science. He was a member of Alpha Epsilon Pi fraternity and Kirkland house. During his sophomore year, he wrote a program that he called CourseMatch, which allowed users to make class selection decisions based on the choices of other students and also to help them form study groups. A short time later, he created a different program he initially called Facemash that let students select the best-looking person from a choice of photos. The site went up over a weekend, but by Monday morning, the college shut it down, because its popularity had overwhelmed one of Harvard's networks and prevented students from accessing the Internet. Many students complained that their photos were being used without permission.

The following semester, in January 2004, Zuckerberg began writing code for a new website. On February 4, 2004, Zuckerberg launched "Thefacebook," originally located at thefacebook.com, from his Harvard dorm room with fellow classmates Dustin Moskovitz, Chris Hughes, and Eduardo Saverin.

Zuckerberg dropped out of Harvard in his sophomore year in order to work on Facebook. He received an honorary degree in 2017.

Facebook

Zuckerberg, Moskovitz and some friends moved to Palo Alto, California, where they leased a small house that served as an office for Facebook in the spring of 2004.  Over the summer, Zuckerberg met Peter Thiel, who invested in the company. Initially, the group planned to return to Harvard but decided to remain in California. They had already turned down offers by major corporations to buy the company. In April 2009, Zuckerberg sought the advice of former Netscape CFO Peter Currie about financing strategies for Facebook. On July 21, 2010, Zuckerberg reported that the company reached the 500 million-user mark. Of course, today, Facebook is an enormous social network that has made Mark Zuckerberg one of the richest men in the world.

Salary

Mark Zuckerberg's salary is $1 per year. That is not a typo. Many executives like Zuckerberg choose to pay themselves low salaries in order to increase the company's profits as much as possible. When the company maximizes profits it increases the overall value of their stock holdings which is where the executive's true wealth comes from. Executives like Eric Schmidt, Larry Page and Sergey Brin each earn only $1 per year in salary!

Legal Issues

Harvard students Divya Narendra, Cameron Winklevoss, Tyler Winklevoss brought a lawsuit against Zuckerberg stating he intentionally made them believe he would help them build their website idea, HarvardConnection.com, a social network that was later renamed ConnectU. Numerous lawsuits followed. The case was settled on June 25, 2008, resulting in a settlement of 1.2 million common shares awarded to them plus payouts of $20 million in cash. If those shares are still owned today, they are worth north of $200 million. At least some portion of those shares were sold by the Winklevoss brothers to fund their investments in Bitcoin. They own so much Bitcoin that in December 2017, their combined crypto assets were worth north of $1 billion.

On April 10 and April 11, 2018, Zuckerberg began testifying before the United States Senate Committee on Commerce, Science, and Transportation regarding the usage of personal data by Facebook in relation to the Facebook–Cambridge Analytica data breach. Zuckerberg called the whole affair a breach of trust between Aleksandr Kogan, Cambridge Analytica, and Facebook.

Real Estate

Zuckerberg  and Chan own roughly $175 million worth of real estate and land. Some of their most notable real estate assets include 700 acres in Hawaii, several homes in Palo Alto, and a townhouse in San Francisco.

Mark Zuckerberg owns a number of homes. The main home he and his family live in is a modest 5,000 square foot home in Palo Alto which he purchased in 2011 for $7 million.

In 2012, Zuckerberg began buying up the four surrounding properties to his home. This cost $43 million. He leased the homes back to their previous owners and planned to demolish and rebuild them in 2016. However, city officials rejected his plan, so he submitted a new plan to renovate two of the homes and rebuild the other two as single-story homes, creating a sort of compound.

In 2013, he paid $10 million for a 5,500 square foot townhouse in San Francisco. The home was built in 1928 and sits on a 9,800 square foot lot with 70 feet of sidewalk frontage. He spent more than $1.6 million renovating the house. Reportedly $65,000 iif that was on remodeling the kitchen and one bathroom.

In 2014, Zuckerberg bought two properties in Kauai in Hawaii for $100 million. These properties span 750 acres across an isolated stretch of a Hawaiian beach. In 2017, he purchased another 89 acres nearby for more than $45 million.

In 2018, Zuckerberg dropped $59 million on two adjacent private waterfront estates on Lake Tahoe. Between the two properties, Zuckerberg owns 600 feet of Lake Tahoe private waterfront.

Net Worth Details

Facebook IPO'd on May 18, 2012 at roughly $38 dollars a share. Mark owns 400 million shares of Facebook. That means at the IPO he ended the day with a paper net worth of around $15 billion.

Mark has pledged to give away 99 percent of his wealth during his lifetime. In September 2017 he announced a plan to regularly sell off chunks of his shares to fund his foundation, the CZI (Chan-Zuckerberg Initiative). His 2018 share sales generated $5.3 billion worth of proceeds. In 2019 he sold $1.86 billion worth of Facebook shares.

Mark Zuckerberg is an American technology entrepreneur and philanthropist who has a net worth of $111 billion dollars. As of this writing, that makes Mark the  third richest person on the planet. Out of the top 100 richest people in the world Mark is the youngest. Out of the top 30, he's the youngest by more than a decade.

Perhaps not surprisingly, The vast majority of Mark's fortune is attributable to his shares in Facebook. Mark currently owns around 400 million total shares of Facebook, broken up into various classes that have different voting privileges. He owns around 12 million Class A shares of Facebook and 365 million of Class B shares, roughly 81% of all the B shares. Through those Class B super voting shares, Mark has 53% voting rights over the company. Technically Mark also controls co-founder Dustin Moskovitz's Class B voting rights, so Mark has around 58% of the company's total voting power.

Mark Zuckerberg's net worth topped $100 billion for the first time on August 7, 2020.