Mark Zuckerberg is the founder, president, and CEO (FB) of Facebook. Here's how he built a highly successful social media business.
Early life and education
Mark Zuckerberg was born on May 14, 1984, in White Plains, New York, and was raised in Dobbs Ferry. He was born into an educated family and developed an interest in computer programming at an early age.
At the age of 12, Zuckerberg created a messaging program named ZuckNet, which he implemented as an inter-office communication system for his father's dental practice. Due to early signs of success, his parents made him a computer programming tutor while still in high school, and he enrolled him in a prep school in New Hampshire.
After graduating from prep school, Zuckerberg enrolled at Harvard University.
Story of success
While many intelligent people attend Harvard University, Mark Zuckerberg is quickly known as a computer programmer on campus. By his sophomore year, he had already produced two programs: Coursematch and Facemash. Both programs became wildly popular, but the university discontinued the latter program because it was deemed inappropriate.
Based on his acclaim on campus, Zuckerberg partnered with friends to create a social networking site that allowed Harvard students to connect with each other. The site officially went live in June 2004 under the name "The Facebook" and Zuckerberg moved it out of his dorm room.
After his sophistication year, Zuckerberg dropped out of college to pursue what was then called face-time. The website reached one million users by the end of 2004.3
This explosion of user growth attracted the attention of many venture capital (VC) firms, and Zuckerberg eventually moved to Silicon Valley in 2005. Facebook received its first round of venture capital investment from Excel Partners, which had invested $ 12.7 million in that site. Still open to Ivy League students only. 2
By the end of 2005, however, Facebook had opened up to students attending other schools, bringing the website to 5.5 million users. Since 2005, Facebook has received several takeover offers from the likes of Yahoo and Microsoft, through legal battles. , And has greatly increased its user base.
On October 30, 2019, Facebook released Q3 Earnings. The company reported that daily active users averaged 1.62 billion for September 2019, an increase of 9% year-over-year. The total number of monthly active users is 2.45 billion, increasing by 8% year-on-year to 4. As of January 30, 2020, the company has a market cap of $ 598 billion. Zuckerberg has more than 375 million Facebook shares and owns a 60% stake. % Of voting rights in the company.
Net Worth and Current Impact
Mark Zuckerberg has total assets of $ 78 billion as of January 29, 2020.6
When it comes into effect, Zuckerberg has signed the Giving Pledge, meaning he will donate at least 50% of his net worth before he dies. In 2010, for example, he donated more than $ 100 million to save the Newark school system in New Jersey.
When his daughter Max was born, Zuckerberg and his wife Priscilla Chan wrote an open letter, promising to give them 99% net worth over their lifetime. However, many have criticized the manner by which Zuckerberg is donating his fortune. The charitable foundation Zuckerberg and Chan has established is a limited-liability corporation, not a charitable trust. This decision allows both to do work that charitable trusts are not allowed to do, which in turn may make the foundation more effective, although it may benefit their family more than a traditional trust.
Corporations can make profitable investments and political donations. Unlike charitable trusts, corporations are not required to report their political donations.
In April 2018, Zuckerberg testified in front of Congress after it was revealed that the company had shared users' data with political consultancy company Cambridge Analytica 10. Forbes has attributed the rapid decline in Facebook's stock price to investors after slow growth following the company's July warning. And citing profit margins for the growing impact of the fight between benefits and privacy, the story of Cambridge Analytica, and Facebook's increasing inability to protect users from harmful misuse and misinformation.
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