Mark Zuckerberg Net Worth
Mark Zuckerberg has an estimated net worth of $58.1 billion. He is co-founder and CEO of the social-networking website Facebook, as well as one of the world’s youngest billionaires. He earned the majority of his income from Facebook.
Mark Zuckerberg co-founded the social networking website Facebook in his Harvard University dorm room. Zuckerberg dropped out of college after his sophomore year to focus on the site, which has grown to over two billion users, making Zuckerberg a multibillionaire. The Social Network, a 2010 film, depicted the birth of Facebook.
To calculate the net worth of Mark Zuckerberg, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$58.1 billion|
|Annual Income:||$5 billion+|
|Source of Wealth:||Programmer, Entrepreneur, Businessperson|
Zuckerberg was born on May 14, 1984, in White Plains, New York, to a well-to-do family. He grew up in Dobbs Ferry, a nearby village.
Edward Zuckerberg, Zuckerberg’s father, ran a dental practice attached to the family’s home. Before the birth of the couple’s four children — Mark, Randi, Donna, and Arielle — his mother, Karen, worked as a psychiatrist.
Zuckerberg’s interest in computers began when he was about 12 years old, when he used Atari BASIC to create a messaging program called “Zucknet.” His father used the program in his dental office so that the receptionist wouldn’t have to yell across the room when a new patient arrived. Zucknet was also used by the family to communicate within the house.
He and his friends also made computer games just for fun. “I had a lot of artists as friends,” he explained. “They’d come over and draw stuff, and I’d turn it into a game.”
Mark Zuckerberg’s Education
To accommodate Zuckerberg’s growing interest in computers, his parents hired private computer tutor David Newman to come to the house once a week and work with him. Later, Newman told reporters that it was difficult to keep up with the prodigy, who began taking graduate courses at nearby Mercy College around the same time.
Later, Zuckerberg attended Phillips Exeter Academy, a prestigious prep school in New Hampshire. There, he demonstrated fencing talent, eventually becoming captain of the school’s team. He also excelled in literature, earning a classics diploma.
Nonetheless, Zuckerberg remained fascinated by computers and worked on developing new programs. While still in high school, he created Synapse, an early version of the music software Pandora.
Several companies, including AOL and Microsoft, have expressed interest in purchasing the software and hiring the teen before graduation. He turned down the offers.
Mark Zuckerberg’s College Experience
Zuckerberg enrolled at Harvard University after graduating from Exeter in 2002. After his sophomore year, Zuckerberg dropped out of college to focus solely on his new company, Facebook.
By his sophomore year at the Ivy League school, he had established himself as the go-to software developer on campus. At the time, he created a program called CourseMatch, which assisted students in selecting classes based on the course selections of other users.
He also created Facemash, a website that compared the photos of two students on campus and allowed users to vote on which was more attractive. The program was extremely popular, but it was later discontinued by the school administration because it was deemed inappropriate.
Based on the success of his previous projects, three of his classmates—Divya Narendra and twins Cameron and Tyler Winklevoss—contacted him to work on an idea for a social networking site called Harvard Connection. This site was created with the intention of using information from Harvard’s student networks to create a dating site for the Harvard elite.
Zuckerberg agreed to assist with the project but soon left to work on his own social networking site, The Facebook.
Mark Zuckerberg and Founding Facebook
The Facebook was founded by Zuckerberg and his friends Dustin Moskovitz, Chris Hughes, and Eduardo Saverin. It allowed users to create their own profiles, upload photos, and communicate with other users. Until June 2004, the group ran the site from a dorm room at Harvard University.
Zuckerberg dropped out of college that year and relocated the company to Palo Alto, California. Facebook had one million users by the end of 2004.
Accel Partners, a venture capital firm, invested heavily in Zuckerberg’s company in 2005. Accel invested $12.7 million in the network, which was only available to Ivy League students at the time.
The site’s membership grew to more than 5.5 million users by December 2005 after Zuckerberg’s company granted access to other colleges, high schools, and international schools. Other businesses that wanted to advertise on the popular social hub became interested in the site.
Zuckerberg declined offers from companies such as Yahoo! and MTV Networks because he did not want to sell out. Instead, he concentrated on expanding the site, opening it up to outside developers, and adding new features.
‘Harvard Connection’ and Legal Hurdles
Zuckerberg appeared to be on an upward trajectory. However, in 2006, the business mogul encountered his first major setback: the creators of Harvard Connection claimed that Zuckerberg stole their idea and demanded that the software developer compensate them for their losses.
Zuckerberg insisted that the concepts were based on two distinct types of social networks. Following a search of Zuckerberg’s records, incriminating instant messages revealed that Zuckerberg may have intentionally stolen Harvard Connection’s intellectual property and offered Facebook users’ private information to his friends.
Later, Zuckerberg apologized for the incriminating messages, saying he regretted sending them. “If you’re going to build a service that is influential and on which a lot of people rely, you need to be mature, right?” he said in an interview with The New Yorker. “I believe I’ve matured and learned a lot.”
Although the two parties reached an initial settlement of $65 million, the legal dispute over the matter lasted well into 2011, after Narendra and the Winklevosses claimed they were misled about the value of their stock.
‘The Social Network’ Movie
The Social Network, written by Aaron Sorkin, was released in 2010. The critically acclaimed film was nominated for eight Academy Awards.
Sorkin’s screenplay was based on Ben Mezrich’s 2009 book The Accidental Billionaires. Mezrich received harsh criticism for his retelling of Zuckerberg’s story, which included invented scenes, re-imagined dialogue, and fictional characters.
Zuckerberg was outraged by the film’s plot and later told a reporter at The New Yorker that many of the details in the film were incorrect. Zuckerberg, for example, had been dating his longtime girlfriend since 2003. He also stated that he had no intention of joining any of the final clubs.
“It’s interesting what they focused on getting right; like, every single shirt and fleece that I had in that movie is actually a shirt or fleece that I own,” Zuckerberg told a reporter in 2010 at a startup conference. “So there’s a bunch of random details that they got right and a bunch of random details that they got wrong.”
‘The Social Network’ Movie
The Social Network, a film written and directed by Aaron Sorkin, was released in 2010. The critically acclaimed film received eight Academy Award nominations.
Sorkin’s screenplay was inspired by Ben Mezrich’s 2009 book The Accidental Billionaires. Mezrich was heavily chastised for his re-telling of Zuckerberg’s story, which included invented scenes, re-imagined dialogue, and fictional characters.
Zuckerberg was outraged by the film’s narrative and later told a reporter at The New Yorker that many of the details in the film were incorrect. For example, Zuckerberg had been dating his longtime girlfriend since 2003. He also stated that he had no desire to join any of the final clubs.
“It’s interesting what stuff they focused on getting right; like, every single shirt and fleece that I had in that movie is actually a shirt or fleece that I own,” Zuckerberg told a reporter at a startup conference in 2010. “So there’s all this stuff they got wrong and a bunch of random details they got right.”
Mark Zuckerberg’s Donations and Philanthropic Causes
Since amassing his fortune, Zuckerberg has donated millions to a variety of charitable causes. The most notable example came in September 2010, when he donated $100 million to save Newark Public Schools in New Jersey, which was in financial trouble.
Then, in December 2010, Zuckerberg signed the “Giving Pledge,” promising to donate at least half of his fortune to charity over his lifetime. Members of the Giving Pledge include Bill Gates, Warren Buffett, and George Lucas. Following his donation, Zuckerberg encouraged other young, wealthy entrepreneurs to do the same.
“With a generation of younger people who have thrived on the success of their businesses, there is a huge opportunity for many of us to give back earlier in our lives and see the impact of our philanthropic efforts,” he said.
In an open letter to their daughter in November 2015, Zuckerberg and his wife also pledged to donate 99 percent of their Facebook shares to charity.
“We are dedicated to doing our small part to help create this world for all children,” the couple wrote in an open letter published on Zuckerberg’s Facebook page. “During our lives, we will give 99 percent of our Facebook shares — currently worth about $45 billion — to join many others in improving the world for the next generation.”
In September 2016, Zuckerberg and Chan announced that their company, the Chan Zuckerberg Initiative (CZI), would invest at least $3 billion in scientific research over the next decade to help “cure, prevent, and manage all diseases in our children’s lifetime.” Cori Bargmann, a well-known neuroscientist from The Rockefeller University, has been named president of science at CZI.
They also announced the establishment of the Chan Zuckerberg Biohub, a San Francisco-based independent research center that will bring together engineers, computer scientists, biologists, chemists, and other scientists. Biohub, a collaboration between Stanford University, the University of California, San Francisco, and the University of California, Berkeley, will receive $600 million in initial funding over ten years.
Lessons From Mark Zuckerberg
1. Parental influence
The success Mark eventually became is due, in no small measure, to the influence of his father, who invested a lot into the grooming of his son, just like Steve Jobs’ adopted father had done.
Edward Zukerberg must have observed a love for computers in his young son and decided to develop it. He bought him tutorial books on programming, hired a private computer tutor for him and encouraged him all the way.
The story of Michael Phelps; the greatest Olympian of all time, goes along this line. Success is not achieved by magic, it requires careful planning over an extended period of time.
As parents, look for that special interest that your wards have, and strive for ways on how you can assist in developing it.
2. Never be too eager to sell
When Facebook was much smaller than it is now; less than 500 million users, Yahoo! offered to buy it off for a billion dollars! That’s an outrageous sum, far exceeding the worth of the company.
Rather than being blown away into selling his company, Mark rebuffed the offer. Today Facebook is worth much more than a billion dollars.
Of course, there is always a time to cash out of a project or company, but never be too eager to do so. If someone is ready to pay so much for your company, you should think, “Why are they willing to pay so much? Am I sitting on a goldmine, and yet to discover it?”
Favorite Mark Zuckerberg Quotes
“When I started Facebook from my dorm room in 2004, the idea that my roommates and I talked about all the time was a world that was more open.”
“Facebook was not originally created to be a company. It was built to accomplish a social mission – to make the world more open and connected.”
“When you give everyone a voice and give people power, the system usually ends up in a really good place. So, what we view our role as, is giving people that power.”
“By giving people the power to share, we’re making the world more transparent.”
“Think about what people are doing on Facebook today. They’re keeping up with their friends and family, but they’re also building an image and identity for themselves, which in a sense is their brand. They’re connecting with the audience that they want to connect to. It’s almost a disadvantage if you’re not on it now.”
View our larger collection of the best Mark Zuckerberg quotes.
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