Facebook hits all time high, marking full recovery from data scandal

Wealth


David Paul Morris | Bloomberg | Getty Images

The silhouette of Mark Zuckerberg, chief executive officer and founder of Facebook Inc., is seen during the Oculus Connect 4 product launch event in San Jose, California, on Wednesday, Oct. 11, 2017.

Facebook gained nearly 5 percent on Friday, hitting an all-time intraday high of $203.64 a share.

The stock closed slightly below that level at a record $203.23, translating to a market value of more than $588 billion.

The move pushed CEO Mark Zuckerberg’s net worth closer to the top of the list in rankings of the world’s wealthiest.

Zuckerberg now sits in fourth place on the Bloomberg Billionaires Index just behind Warren Buffett. Around market close, the tech executive briefly passed the Berkshire Hathaway billionaire. Bloomberg estimates the Zuckerberg is now worth $79.7 billion. He is ranked as the fifth wealthiest person in the world on Forbes’ list, just behind LVMH CEO Bernard Arnault. Forbes estimates that Zuckerberg is worth about $77.1 billion.

Friday’s gains mark a complete recovery from March, when Facebook shares hit a 52-week intraday low of $149.02 per share, following reports the company mishandled data from about 87 million users.

Facebook’s data woes are far from over, although investors no longer seem concerned. On Monday, the social media company confirmed that the FBI, SEC, and FTC have all joined the Justice Department in asking questions about user data being improperly shared with political consulting firm Cambridge Analytica.

Facebook shares dipped after the reports, but made a strong comeback later in the week. The stock has gained about 15 percent so far in 2018.



Source link

Products You May Like

Articles You May Like

Global stock market sell-off not an isolated event
Reuters stands by Johnson & Johnson report
Stocks broke key level and could aim for the year’s low
Richard Branson hopes to be in space next year with Virgin Galactic
Olive Garden owner’s earnings top estimates, but revenue falls short

Leave a Reply

Your email address will not be published. Required fields are marked *