Niagara Gazette

Web Extra

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 | Photo Reprints
Web Extra
  • 110720 Walmart.jpg Wal-Mart to cut prices more aggressively in back-to-school push

    Wal-Mart Stores plans to cut prices more aggressively during this year's back-to-school season and will add inventory to its online store as the chain battles retailers for student spending.

    July 22, 2014 1 Photo

  • Hospitals let patients schedule ER visits

    Three times within a week, 34-year-old Michael Granillo went to the emergency room at Northridge Hospital Medical Center in Los Angeles because of intense back pain. Each time, Granillo, who didn't have insurance, stayed for less than an hour before leaving without being seen by a doctor.

    July 22, 2014

  • Sparring justices find little disagreement at the opera

    Justice Ruth Bader Ginsburg revealed a different view of U.S. Supreme Court on Saturday when she described about her passion for opera, one she shares with Justice Antonin Scalia.

    July 22, 2014

  • Starved Pennsylvania 7-year-old weighed only 25 pounds

    A 7-year-old Pennsylvania boy authorities described as being so underweight he looked like a human skeleton has been released from the hospital.

    July 22, 2014

  • NIA Biz Column art 1 072114 Electric cars will get charge out of new IBEW 237 battery station

    Those who drive electric cars now have a free location to stop and charge their batteries, thanks to a new charging station recently built at the International Brotherhood of Electrical Workers Local Union 237 at 8803 Niagara Falls Blvd. Beside offering free charging, the stations gave a class of apprentice electricians a chance to learn how to assemble the stations. "We think it's a great training tool," said Russ Quarantello, a business manager for the union.

    July 21, 2014 4 Photos

  • NIA Ukraine plane art 072114 Rebels take full control of plane crash bodies

    July 21, 2014 1 Photo

  • ent_taylorswift.jpg There's less good music now — here's why

    Taylor Swift, the seven-time Grammy winner, is known for her articulate lyrics, so there was nothing surprising about her writing a long column for The Wall Street Journal about the future of the music industry. Yet there's reason to doubt the optimism of what she had to say.

    July 20, 2014 1 Photo

  • 140516-recalls_1357_88cb85dbc81b724b4ae9c83db4426fd8.jpg Auto recalls break single-year US record with six months to go

    With six months left in 2014, automakers have already recalled more vehicles in the United States than in any other year on record.

    July 20, 2014 1 Photo

  • Why does the Vatican need a bank?

    The Vatican Bank's history reads more like Dan Brown than the financial pages, but its worst -- and weirdest -- days may be behind it.

    July 20, 2014

  • Survey shows colleges flouting sexual assault rules

    More than 40 percent of 440 colleges and universities surveyed by Sen. Claire McCaskill, D-Mo., haven't investigated a sexual assault in the past five years, according to a report released Wednesday.

    July 20, 2014

Featured Ads
House Ads
AP Video
Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City Diplomatic Push Intensifies to End War in Gaza Obama Offers Condolences at Dutch Embassy Cat Fans Lap Up Feline Film Festival Raw: Lawmakers Scuffle in Ukraine's Parliament The Rock Finds His Inner 'Hercules' Michigan Plant's Goal: Flower and Die Raw: MH17 Passenger Remains in Kharkiv, Ukraine Raw: Israel Hits Gaza Targets, Destroys Mosques Veteran Creates Job During High Unemployment New Orleans Plans to Recycle Cigarette Butts
Opinion
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page