Thursday, 6 March 2008

World's Youngest Billionaire

Source: Yahoo! Finance

Mark Zuckerberg, the 23-year-old founder of social networking site Facebook, is the youngest ever self-made billionaire, according to an annual list published by Forbes magazine.

"He is the youngest billionaire in the world right now and we also believe he is the youngest self-made billionaire in history," said the magazine's associate editor Matthew Miller, unveiling this year's super-rich list.

The magazine put the former Harvard student's personal wealth at $US1.5 billion, based on what it said was a conservative valuation of $US5 billion for Facebook and Mr Zuckerberg's estimated 30 per cent stake.

It played down speculation that the site could be worth as much as $US15 billion, which was based on Microsoft paying $US240 million for a 1.6 per cent stake in the company last year.

"Would it really fetch that much today? Some analysts - and a few Facebook investors - doubt it," the magazine said.

It said it based its valuation on Facebook's estimated annual sales of $US150 million.