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

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

At the close of business trading hours on Tuesday, June 22^nd, 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)