Haute 100 SF Update: Facebook Is Now Worth More Than Wal-Mart

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Facebook founder Mark Zuckerberg has become the 11th wealthiest person in the world and may soon enter into the top ten mark.

At the close of business trading hours on Tuesday, June 22nd, Zuckerberg surpassed the four members of the Walton Family, who are the biggest shareholders in Wal-Mart stores. The 31-year-old tech tycoon now has a fortune of $31.6 billion. He is only $1.6 billion shy of becoming the 10 wealthiest people in the world.

In addition, Zuckerberg’s social media site has also surpassed Wal-Mart on the S&P 500 index. According to the Associated Press, a company’s market value is calculated by multiplying the number of shares of stock it has in circulation by the current price of one share. Facebook Inc. was valued at $238 billion at the close of trading Tuesday and its stock increased by $3.14, or 3.7 percent, at $87.88. While, Wal-Mart Stores Inc. was valued at $234 billion and its stocks fell by 22 cents to $72.57.

Zuckerberg also passed L’Oreal’s grand dame Liliane Bettencourt and Christian Dior’s Bernard Arnault. To break into the top ten list the 31-year-old will have to pass Amazon’s founder Jeff Bezos, who is noted to have a net worth of $40 billion.

Other companies with a higher market value than the world’s largest social media site includes Apple, Microsoft, J.P. Morgan, Exxon Mobile and Google, to name a few.

(Photo via Shutterstock)

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