With Facebook’s $16 billion initial public offering, 28-year-old founder Mark Zuckerberg will become wealthier than Google co-founders Sergey Brin and Larry Page, reports Bloomberg.
Zuckerberg will rank as the 29th-richest person on Earth, the story notes. With Facebook pricing its shares at $38 each, Zuckerberg’s shares and options are valued at $19.1 billion.
Chief Executive Zuckerberg started the company as a 19-year-old at Harvard University from his dorm room. The company has 900 million monthly users and generated more than $3.7 billion in revenue last year.
In the offering, Zuckerberg sold 30.2 million shares for $1.15 billion, with most of the proceeds being earmarked for paying taxes for exercising 60 million stock options, the story says.