Mark Zuckerberg is the co-founder and CEO of the world’s biggest social networking platform, Facebook. With 2.6 billion monthly active users, Facebook has continued to be a reliable source of knowledge and keeps people connected with the latest news and trends. For the past few years, Mark Zuckerberg has been the prominent face leading Facebook and its success.
In 2004, Zuckerberg and his friends, Eduardo Saverin, Dustin Moskovitz, Andrew McCollum and Chris Hughes, launched the website with the mission to make the world more open and connected. Facebook took the world by storm and within a few years of its launch, Goldman Sachs offered $450 million investment valuing the company at $15 billion.
In 2006, Facebook was formally incorporated with Zuckerberg as its President and CEO. After its initial public offer in 2012, its market capitalization has grown significantly to a valuation of $750 million, solidifying Zuckerberg’s position as one of the richest people in the world. Reports from April 2020 stated that he held around 58.8% of Facebook’s voting shares.
Although Facebook’s overall stock performance has not been fantastic, the company’s surge in users and share price has brought a steady increase in Zuckerberg’s net worth. According to Bloomberg’s Billionaire Index, Mark Zuckerberg’s net worth has approximately doubled since December 2019 due to the increase in Facebook shares.
Immediately after Facebook’s IPO, several antitrust suits were filed and the results offered a look into the company’s strategic and financial data amid regulatory investigations, under the guidance of Zuckerberg. Brilliant strategies like the acquisition of big data, virtual reality and digital health companies, have made Facebook a force to be reckoned with.
In January 2020, Zuckerberg achieved major notority when he announced that, he would shift his focus to new philanthropic efforts and announced an ambitious goal of a new wave of innovative ideas, development and application of advanced technologies. Despite the controversies that management has faced, especially with how the platform is being used by political entities, it has not had a major effect on the company’s growth.
Relationship with Other Companies
Furthermore, to expand the Facebook business and its relationships with other companies, Zuckerberg has acquired multiple companies. This includes a $2 billion purchase of Oculus VR, a virtual reality technology company, a $21.8 billion purchase of WhatsApp, a messaging application, and $19 billion purchase of Instagram, a photo sharing application. All of these acquisitions have helped boost Facebook’s digital presence and expand its overall customer base.
Facebook has entered into various partnerships with larger technology companies such as Microsoft, Apple, and Amazon in order to promote its products and boost its revenue. Microsoft and Zuckerberg have also been working together to build an artificial intelligence (AI) capable of helping people understand and interact with the digital world, such as Facebook’s virtual assistant. As of now, Mark Zuckerberg owns approximately 10% of Facebook’s stock, up from 7.5% in 2017.
Philanthropy
Mark Zuckerberg and his wife, Priscilla Chan, have proved to be one of the most generous philanthropists in the modern age. Through the Chan Zuckerberg Initiative, the couple has made huge donations to charities and organizations such as scholarships for African American students, a cancer research centre at the University of Pennsylvania, and the fight against Zika virus.
They also donated $50 million to the Centers for Disease Control and Prevention to help in the fight against COVID-19 pandemic. Additionally, the couple plans to donate 99 percent of the Facebook shares they own to charitable purposes over their lifetime.
Leadership
Mark Zuckerberg’s leadership style is one of the defining aspects of Facebook’s success. From the very beginning, Zuckerberg has shown an outlook of innovation and dedication to making meaningful products with strong visions and clear objectives. Zuckerberg has been voted by employees as the best CEO of the year and continues to be a leader in the tech sector.
Under his leadership, Facebook has become one of the best-known companies with huge online presence, increased revenue and user statistics. He has also hired several senior executives for his team, which has helped to ensure high standards of service, quality and customer satisfaction.
Conclusion
Mark Zuckerberg is one of the world’s most influential leaders in the tech sector. He currently owns approximately 10% of Facebook’s stock, up from 7.5% in 2017. He has used his vast wealth to enter into various partnerships with larger technology companies such as Microsoft, Apple and Amazon, and to make large donations to charities and organizations. Under his leadership, Facebook has become one of the best-known companies with huge online presence, increased revenue and user statistics.
