NEW YORK, Feb. 5, 2014 /PRNewswire/ -- On the 10th anniversary of Facebook, Wealth-X reveals that Chris Hughes, a co-founder of the world's most famous social network, has become a billionaire.
Thirty-year-old Hughes has seen his net worth nearly double since the end of last July, from an estimated US$950 million to US$1.6 billion today, as the value of Facebook's shares has soared.
US$1.5 billion of his net worth is derived from Facebook stock and he also owns two apartments worth a combined US$9 million in New York and has around US$130 million in cash.
Most of the rest of his assets are tied up with the magazine he bought a US$5.5 million majority share of in 2012, The New Republic, for which he now works as publisher and editor-in-chief.
Hughes quit Facebook in 2007 to become the coordinator of online marketing for US president Barack Obama's 2008 presidential campaign. After the Obama campaign, Hughes joined PR firm GMMB as an advisor and also spent a year of traveling in Africa, Asia and Latin America. His latest venture is a non-profit site called Jumo, which means "together in concert" in Yoruba, a West African language.
Among the four Facebook co-founders - along with chairman and CEO Mark Zuckerberg, Dustin Moskovitz and Eduardo Saverin - Hughes was the last to become a billionaire.
The results released on 29 January 2014 drove Facebook's stock price up an additional 15 percent on strong mobile advertising revenues for 2013. Mobile ad sales rose to 53 percent of revenues from 49 percent in the previous quarter. The share price has continued to climb to US$62.70 at HKT 11.30am on 5 February, up 17 percent since the announcement last Wednesday.
Last week's fourth-quarter results put extra shine on a buoyant six months for Facebook shareholders. Since the end of last July, Facebook's stock price has more than doubled from around US$30 to US$61.53 on 30 January 2014.
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 12 offices on five continents. (www.wealthx.com)? ?