CullmanTimes.com - Cullman, Alabama

Community News Network

January 22, 2014

Facebook's Sandberg now one of world's youngest billionaires

Sheryl Sandberg's fortune surpassed $1 billion Tuesday after Facebook closed at a record.

The chief operating officer of the world's most popular social-networking service owns about 12.3 million shares of the Menlo Park, Calif.-based company, which closed at $58.51 in New York. Her stake is valued at about $750 million.

Sandberg has collected more than $300 million selling shares since the company's 2012 initial public offering, and owns about 4.7 million stock options that began vesting last May. The 44-year-old is one of the youngest female billionaires in the world, according to the Bloomberg Billionaires Index.

"She was brought in to figure out how to make money," David Kirkpatrick, author of "The Facebook Effect," a history of the company, said in a telephone interview. "It's proving to be one of the greatest stories in business history."

Sandberg's rise in wealth mirrors her broadening role on the global stage. The Harvard graduate and one-time chief of staff for former Treasury Secretary Lawrence Summers is a donor to President Obama, sits on the board Walt Disney Co., and wrote the bestselling book "Lean In." She was lured from Mountain View, Calif.-based Google in 2008, and stepped down from the board of Starbucks in 2012.

"She went to Google, moved on to go to Facebook, went to write a book, and she'll know when to run for political office, and probably win that office," Kirkpatrick said.

Elisabeth Diana, a Facebook spokeswoman, declined to comment on Sandberg's net worth. The billionaire will attend the World Economic Forum's annual meeting this week in Davos, Switzerland.

Facebook probably had a "solid" fourth quarter with advertisement revenue around $100 million above consensus, Ross Sandler, an analyst at Deutsche Bank AG in New York, wrote in a research report Jan. 7.

"Engagement continues to increase broadly for FB, owing to the strong footprint in mobile," Sandler said in the report. He has a "buy" rating on the company.

Facebook CEO Mark Zuckerberg, 29, sold more than $2 billion in stock last month and donated another $1 billion to the Silicon Valley Community Foundation. The world's 23rd- richest person added $12.4 billion to his net worth in 2013, according to the Bloomberg ranking.

Facebook's other co-founders have also seen their fortunes surge. Dustin Moskovitz, the 29-year-old who founded Facebook with Zuckerberg, Eduardo Saverin and Chris Hughes at Harvard, is the world's 174th-richest person with a net worth of $7.4 billion. He's wealthier than Liberty Media chairman John Malone and fashion mogul Ralph Lauren, and is the youngest billionaire on Earth.

Saverin, 31, controls a $3.2 billion fortune. Hughes, 30, has a net worth of more than $500 million. He bought the New Republic magazine in March 2012.

Peter Thiel, Facebook's first outside investor, sold most of his stake in the company in August 2012, after restrictions on insider sales ended. The majority of the PayPal co- founder's $2.3 billion net worth is derived from his stake in software developer Palantir Technologies.

Facebook's Chief Financial Officer David Ebersman also sold stock. The former Genentech executive has collected almost $100 million selling shares in the past year, according to regulatory filings with the U.S. Securities and Exchange Commission. He owns more than 5 million shares, including stock options, valued at about $300 million.

Mike Schroepfer, the company's chief technology officer, has a stake valued at more than $100 million. The Mozilla and Sun Microsystems veteran has collected about $50 million selling Facebook stock.

1
Text Only
Community News Network
  • 20140424-AMX-COFFEE24.jpg Coffee growers' prayers for rain met with threat of deluge

    Brazil's drought made arabica coffee this year's best-performing commodity. Now, farmers are facing a downpour that is once more threatening crops.

    April 24, 2014 1 Photo

  • Celebrity quack moms are a terrible influence on everyday parents

    On April 15, the actress Alicia Silverstone released a book called "The Kind Mama: A Simple Guide to Supercharged Fertility, a Radiant Pregnancy, a Sweeter Birth, and a Healthier, More Beautiful Beginning." It's chock-full of attachment parenting lessons and dangerous misinformation.

    April 24, 2014

  • Affirmative action ruling challenges colleges seeking diversity

    The U.S. Supreme Court's support of Michigan's ban on race-based affirmative action in university admissions may spur colleges to find new ways to achieve diversity without using racial preferences.

    April 23, 2014

  • A 'wearable robot' helps her walk again

    Science is about facts, numbers, laws and formulas. To be really good at it, you need to spend a lot of time in school. But science is also about something more: dreaming big and helping people.

    April 23, 2014

  • The waffle taco's biggest enemy isn't McDonald's. It's consumer habits.

    Gesturing to Taco Bell, Thompson said McDonald's had "not seen an impact relative to the most recent competitor that entered the [breakfast] space," and that new competition would only make McDonald's pursue breakfast more aggressively.

    April 23, 2014

  • Screen Shot 2014-04-22 at 4.42.47 PM.png VIDEO: Leopard attacks crowd in India

    A leopard caused panic in the city of Chandrapur when it sprung from the roof of a house and charged at rescue workers.

    April 22, 2014 1 Photo

  • In cuffs... 'Warlock' in West Virginia accused of sexual assault

    Police in West Virginia say a man claiming to be a “warlock” used promises of magical spells to lure children into committing sexual acts with him.

    April 22, 2014 1 Photo

  • Cats outsmart the researchers

    I knew a lot had been written about dogs, and I assumed there must be at least a handful of studies on cats. But after weeks of scouring the scientific world for someone - anyone - who studied how cats think, all I was left with was this statement, laughed over the phone to me by one of the world's top animal cognition experts, a Hungarian scientist named Ádám Miklósi.

    April 22, 2014

  • McCain 1 House Republicans are more active on Twitter than Democrats

    Your representative in the House is almost certainly on Twitter. Your senator definitely is. But how are they using the social network? Are Democrats more active than Republicans, or vice versa? Who has the most followers on the Hill?

    April 22, 2014 1 Photo

  • Do your genes make you procrastinate?

    Procrastinators, in my experience, like nothing better than explaining away their procrastination: General busyness, fear of failure, and simple laziness are just a handful of the excuses and theories often tossed around. Now researchers from the University of Colorado Boulder have added another option to the list: genetics.

    April 21, 2014