Mark Zuckerberg
Mark Zuckerberg is a self-educated computer software engineer and fellow benefactor, chair, and chief executive officer of Meta (META), formerly known as Facebook. Initially named Facemash, Zuckerberg established the social networking site in his Harvard University apartment in 2004 alongside Andrew McCollum, Dustin Moskovitz, Chris Hughes, and Eduardo Saverin.
As indicated by Bloomberg, Zuckerberg's net worth as of June 10, 2022, was about $68.2 billion.
Early Life and Education
On May 14, 1984, Mark Zuckerberg was brought into the world in White Plains, New York. As a child, he showed an affinity for computers. He learned the BASIC programming language at a close by college, and at 12 years old, he developed an instant-informing application that his dad utilized in his office.
Zuckerberg went to Harvard University yet exited after his sophomore year to zero in on creating Facebook. The site outgrew two prior ventures: FaceMash, a website for positioning the attractiveness of other Harvard understudies, and HarvardConnection.com, an online social networking platform.
In 2004, Cameron and Tyler Winklevoss and Divya Narendra, the three credited founders of HarvardConnection.com, sued Zuckerberg for supposedly taking intellectual property from the website. They came to an extravagant settlement of cash and stock options in 2008. The Winklevoss twins attempted to resume the claim in 2011, yet the court denied their request.
Striking Accomplishments
Facebook IPO and Acquisitions
In mid-2005, Facebook raised $12.7 million in venture capital and expanded access to many universities and high schools. After one year, the social network opened to the overall population, and Yahoo! offered $1 billion to buy the company — a bid that was quickly dismissed by Zuckerberg.
In 2012, Facebook went public and turned into the best Internet initial public offering (IPO) in history when it raised $16 billion. That very year, Facebook bought the photograph sharing application Instagram, and Zuckerberg married Priscilla Chan in a surprise wedding the day after the IPO.
Meta has acquired many companies throughout the long term, remembering Instagram for $1 billion for 2012, WhatsApp for $22 billion in cash and shares in 2014, Oculus VR for $2 billion of every 2014, and several different companies going from artificial intelligence (AI) to identification platforms.
Wealth and Philanthropy
Zuckerberg has stood out as truly newsworthy for his philanthropy, including his 2010 donation of $100 million to help schools in Newark, N.J. In 2014, the publication Philanthropy positioned Zuckerberg and Chan the most liberal American contributors of the previous year, after they gave 18 million shares of Facebook stock to the Silicon Valley Community Foundation, in Mountain View, Calif.
On Dec. 1, 2015, Zuckerberg and Chan distributed a letter to their girl Max, in which they announced the creation of the Chan Zuckerberg Initiative "to join individuals across the world to advance human potential and advance fairness for all children in the next generation."
In the post, Zuckerberg and Chan said the "initial areas of center will be personalized learning, relieving disease, associating individuals, and building strong networks" and that "we will give the vast majority of our Facebook shares — as of now about $45 billion — during our lives to advance this mission."
Discussion and Cambridge Analytica
Meta has been blamed, almost since its beginning, of collecting and selling the personal data, posts, and instant messages of its users. These allegations mounted not long after the 2016 U.S. Presidential races, with some charging that U.S. electors had been affected by targeted ads financed by Russia.
In March 2018, media outlets including The New York Times and The Observer reported that U.K.- based political counseling firm Cambridge Analytica had paid an outside specialist to collect data on 50 million Facebook users without their permission. The New York Times reported that Cambridge Analytica's goal was to involve the data for its trademark "psychographic modeling," determined to peruse "electors' brains" and possibly affecting the outcome of decisions.
$25 Billion
The estimated promotion revenue of Instagram in 2021.
In April 2018, Facebook unveiled that the information of 87 million users had been inappropriately shared with Cambridge Analytica, and not the 50 million as prior reported.
Soon thereafter, Zuckerberg showed up on Capitol Hill to affirm before House and Senate boards about Facebook's utilization of consumer data. In pre-arranged remarks before the Senate, Zuckerberg noticed that Facebook had been beneficial in associating individuals during the #MeToo movement and different debacles.
The statement proceeded to say that Zuckerberg and Facebook found out about Cambridge Analytica's contribution from the media, just like every other person. Zuckerberg additionally framed activities that Facebook planned to embrace to forestall future incidents of this nature, including "protecting our platform," "researching other applications," and "building better controls."
The Bottom Line
Zuckerberg began Facebook from his apartment, transforming it into quite possibly of the biggest company in the world. Through Facebook and its numerous acquisitions, for example, Instagram and WhatsApp, Zuckerberg controls the majority of the manner in which consumers consume content and communicate with each other.
Highlights
- In April 2018, Zuckerberg affirmed on Capitol Hill about Facebook's utilization of users' information, including the sharing of 87 million users' information to Cambridge Analytica.
- Facebook has 2.93 billion month to month active users as of the main quarter of 2022, making it the greatest social network in the world.
- As per Bloomberg, Zuckerberg's net worth as of June 10, 2022, was about $68.2 billion.
- Mark Zuckerberg is a self-educated computer developer and the prime supporter, chair, and CEO of Meta (formerly Facebook).
- In 2015, Zuckerberg and his better half, Priscilla Chan, established the Chan Zuckerberg foundation determined to convey "...personalized learning, relieving disease, associating individuals, and building strong networks."
FAQ
How Does Facebook Make Money?
Facebook makes the bulk of its money through ads. The company sells promotion space on its numerous platforms. These platforms incorporate Facebook, Instagram, and WhatsApp. Facebook (Meta) likewise brings in money by permitting users to pay to advance their pages/posts on the different platforms, which is likewise a form of advertising.
Does Mark Zuckerberg Make $1 every Year?
Technically, Mark Zuckerberg makes a salary of $1 every year at Facebook. His wealth, nonetheless, is tied up in the shares of Meta (formerly Facebook), of which he is the biggest shareholder, making him quite possibly of the most extravagant man in the world.
What Is Mark Zuckerberg's Net Worth?
As of June 10, 2022, Mark Zuckerberg's net worth is $68.2 billion. He earned his wealth as the pioneer and biggest shareholder of Meta (formerly Facebook).
