Facebook’s founder earns $6.8 billion in a day, networth 5 times bigger than Dogecoin

Mark Zuckerberg
Mark Zuckerberg
Mark Zuckerberg
Mark Zuckerberg

Mark Zuckerberg, the 37-year-old tech billionaire behind Facebook, the world’s largest social network, has seen his wealth surge by about $6.75 billion in a day, placing him at a wealth valuation of $137 billion, according to data collated from Bloomberg Billionaire Index.

The American entrepreneur’s wealth holdings is currently over 5 times more valuable than the eighth most valuable crypto, Dogecoin, which holds a market capitalization of about $25 billion.

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Zuckerberg, the fifth richest individual hold’s his large chunk of wealth on Facebook valued at about $134 billion with cash reserves of about $3.30 billion. He remains the youngest person ever to be worth over $100 billion.

The father of two young daughters’ current valuation is estimated to buy about 75.6 million troy ounces of gold or 1.85 billion barrels of crude oil. With his massive wealth notwithstanding, the tech billionaire is known for being modest particularly in his lifestyle and spending habits although he is also known for having a taste for premium real estate properties.

The world’s largest social media company posted incredible gains at the end of Friday’s trading session, driven both by better-than-expected earning results from Snap, a social media rival, and an upgraded 12-month price target for Facebook shares.

At the close of trading, Facebook’s shares posted gains of about 5.30% to settle at $369.79, thus giving it a market value of $1.049 trillion. The stock is fired up on all cylinders printing yearly gains of about 60% on bullish sentiments that Facebook may also see a significant acceleration in its growth when the Silicon Valley-based business reports its results on July 28.

Also supporting Facebook’s bullish bias is Credit Suisse analyst, Stephen Ju’s recent upgrade, raising his yearly 12-target for Facebook shares from $400 to $480 on advertisers’ strong levels of spending, suggesting more upsides for the trillion-dollar valued company.

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Consequently, investors are relatively holding on to Facebook shares as Instagram, its subsidiary, posts strong growth with its new ‘Collab’ option in play, amid the rising Chinese-owned TikTok that stood as the world’s most downloaded app in H1, 2021.

According to a December 2015 SEC filing, the tech billionaire plans to give away 99% of his Facebook shares over the course of his lifetime.

About 50% of Nigerians are willing to leave Nigeria for a better economic future abroad, an increase of nearly 20% since 2014.

The World Bank disclosed this in its report titled, ‘Of Roads Less Travelled: Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria’s Youth,’ published on its website this week.

The report suggests Nigeria ranked 3rd highest in West Africa behind Liberia (70%) and Sierra Leone (60%) of responders who would move permanently to another country. The least ranked country in the report was Niger Republic at 10%.

The World Bank stated that young Nigerians were increasingly opting for irregular migration routes to realize their hopes for a better life. “With rising migratory pressures created by poor employment conditions, Nigerians are increasingly choosing to migrate through irregular means,” the Bank stated.

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It added that Nigerians represented the largest group of migrants from Sub-Saharan Africa arriving in Europe in 2016 and 2017 as nearly 40,000 Nigerians arrived in Italy in 2016 with over 90% of those arriving via sea routes.

“A larger share of Nigerian migrants arriving in Italy were women (32 percent) compared to migrants from the rest of SSA (24 percent),” the Washington-based bank stated.

It also revealed that while the number of asylum seekers from Nigeria has declined in recent years, this does not translate as decreased demand for migration from Nigeria. The drop in migration levels from Nigeria and other Sub-Saharan African countries to Europe is a result of tighter border control policies supported by the EU in transit countries such as Libya and Niger.

“However, the underlying economic and demographic factors that create migratory pressures are unlikely to subside in the near future, with other potential irregular routes being reported through Sudan and Chad to Libya,” the Bretton Woods institution added.

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About Onyeweaku Wisdom Bekee Ibe 2854 Articles
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