Mark Zuckerberg’s Net Worth Soars $18 Billion In A Year, Now Richest Person In California

By   USDR

Thanks to a steep rise in Facebook’s stock price, Mark Zuckerberg has displaced Oracle ORCL +0.75% founder Larry Ellison as the richest person in  California.

Zuckerberg added more than $18 billion to his fortune in the past year, riding a 52% surge in the value of the social networking site’s shares. The 32-year-old CEO now has an estimated $51.6 billion to his name, landing him on Forbes‘ second annual list of the richest person in every state. Zuckerberg has gained $7 billion in just the 3 months since he appeared on the Forbes World’s Billionaires List in March. He is currently the world’s sixth-richest  person.

Forbes Richest Person In Every State Coverage Continues  Here

His gains reflect Facebook’s record revenues and profits, which have been buoyed by growth in its user base and mobile advertising. As of April, the site boasted 1.65 billion monthly users, up 15% in the last year. The company is also investing heavily in virtual reality, artificial intelligence and improving global Web access. Nearly two years after buying virtual reality startup Oculus, Facebook FB +0.43% began shipping the Rift VR headset in March. Famously, Zuckerberg founded the social network in 2004 when he was 19 and dropped out of Harvard to run it from Palo Alto,  Calif.

Meanwhile, Ellison has lost around $4 billion since Forbes named him the wealthiest man in the Golden State in April 2015, when his fortune was worth $52.8 billion. The decline was largely due to a 10.5% dip in the value of his Oracle shares, which make up the bulk of his assets. Impressive growth in the company’s cloud services hasn’t made up for its lagging traditional software business, which has depressed revenues. Ellison stepped down as Oracle’s CEO in September  2014.

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