In less than an hour, Mark Zuckerberg has jumped from number 29 to number 24 — and then back to 29 — on the list of wealthiest people in the world.
Facebook set an opening share price of $38 on Thursday evening, which valued Zuckerberg’s 503.6 million shares and options at about $19.1 billion. Trading opened on Friday at about $42.
The 28-year-old CEO would be not only more wealthy than Google founders Sergey Brin and Larry Page, but also creeping into the territory of Amazon CEO Jeff Bezos, who holds the number 23 spot.
Shares dipped back to $38 almost immediately after the stock opened and will likely fluctuate — along with Zuckerberg’s net worth — throughout the day. The Wall Street Journal has set up a real-time “Wealth-o-Meter” for those interested in following along.
Zuckerberg had planned to sell 30.2 million of his shares in the IPO, which would net him $1.3 billion at Friday’s opening trading price. According to Facebook’s filing with the SEC, he will use most of the proceeds to pay taxesassociated with exercising 60 million stock options.
After much anticipation, Facebook filed its paperwork for an initial public offering Feb. 1, 2012, the same week the world's largest social network celebrated its eighth birthday. The company will begin trading late May 2012.
Facebook's S-1 revealed it is looking to raise $5 billion, and it has a valuation estimated at $100 billion. That would make the social network about four times the value of Google at the time it went public in 2004 with a valuation at $23 billion the day after.
The Facebook IPO filing revealed some details that had previously been private about the company. Facebook — which earned $1 billion on sales of $3.7 billion in 2011 — now has 845 million active users on the site, up from the estimated 800 million using the site back in September. It also revealed salaries of execs, including founder Mark Zuckerberg's $500,000 salary, COO Sheryl Sandberg's $300,000 and CFO David Ebersman $300,000.
To get caught up on the biggest news related to Facebook's IPO, watch the video (right), and check out the stories below.
The Facebook IPO filing revealed some details that had previously been private about the company. Facebook — which earned $1 billion on sales of $3.7 billion in 2011 — now has 845 million active users on the site, up from the estimated 800 million using the site back in September. It also revealed salaries of execs, including founder Mark Zuckerberg's $500,000 salary, COO Sheryl Sandberg's $300,000 and CFO David Ebersman $300,000.
To get caught up on the biggest news related to Facebook's IPO, watch the video (right), and check out the stories below.
