BUSINESS

COVID-19 pushes Facebook CEO, Mark Zuckerberg to third world’s richest

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Several countries have felt the adverse effects of coronavirus pandemic with critical sectors worldwide affected by the impact.

But for Facebook CEO, Mark Zuckerberg, the reverse appears to be the case as the pandemic period has opened a new opportunity for a rise in his income.

Zuckerberg added more than $30bn to his wealth in two months earning him the title of the third richest in the world. According to the Bloomberg Billionaires Index ranking updated on May 21, Zuckerberg is now worth an estimated $87.8bn, placing him above billionaires such as Berkshire Hathaway, CEO Warren Buffet and fashion mogul, Bernard Arnault.

Most corporations experienced a dip in their income due to the drop in economic activities which has seen nearly 40 million US workers  laid off.  Facebook beat Wall Street expectations in revenue and daily active users, generating $17.74bn and attracting 1.73bn users in the first three months of 2020. The company also reported it had reached three billion monthly users across its family of apps which include Instagram, WhatsApp, and Messenger. Facebook stock has jumped as much as eight, netting the company $44bn in market value.

In mid-March, Zuckerberg was worth $57.5bn and placed fifth on the list of the world’s richest but the lockdown increased his financial worth.

Zuckerbeg also recently stated that Facebbok would be giving out $10m to groups fighting racial injustice in the wake of George Floyds death.

 Net worth    

Zuckerberg is worth $87.8bn making him the third richest in the world. Zuckerberg’s income comes mostly through his social networking app and investments alongside his acquisition of competing apps like Instagram, and WhatsApp.

Although Zuckerberg and his wife live a modest life and prefer to be known for their charity works, they still have an eye for the good life. Zuckerberg is widely known for his modest dress mode of shorts and a simple shirt with no fancy attached to it.

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