Mark Zuckerberg's $2 billion day

Facebook's stock posted its biggest one-day gain since going public, soaring more than 19% and fattening its CEO's net wealth.

Paul Sloan

Facebook's beaten down stock soared today, posting its biggest one-day gain since going public and boosting its CEO Mark Zuckerberg net wealth by a cool $2 billion. Shares closed up $19.13 percent to close at $23.23 after Facebook yesterday posted solid quarterly earnings and showed that it's on its way to making big money from mobile .

The rare rally came as Zuckerberg spent much of yesterday's conference call convincing Wall Street analysts that mobile is not a problem but a monstrous opportunity that he is tackling with full force.

It's only a one-day bump, of course, and the stock is still far from its May IPO price of $38 a share. But employees who have watched their holdings sink must be having a good day. As for Zuckerberg, he owns 540 million Class B shares (those are the ones that have extra voting power) and in September said he wouldn't sell any stock for 12 months . Even so, it's got to feel good to watch your holding jump more than $2 billion in a single day.

Yahoo

About the author

Paul Sloan is editor in chief of CNET News. Before joining CNET, he had been a San Francisco-based correspondent for Fortune magazine, an editor at large for Business 2.0 magazine, and a senior producer for CNN. When his fingers aren't on a keyboard, they're usually on a guitar. Email him here.

 

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