Sheryl Sandberg's fortune surpassed $1 billion Tuesday after Facebook closed at a record.
The chief operating officer of the world's most popular social-networking service owns about 12.3 million shares of the Menlo Park, Calif.-based company, which closed at $58.51 in New York. Her stake is valued at about $750 million.
Sandberg has collected more than $300 million selling shares since the company's 2012 initial public offering, and owns about 4.7 million stock options that began vesting last May. The 44-year-old is one of the youngest female billionaires in the world, according to the Bloomberg Billionaires Index.
"She was brought in to figure out how to make money," David Kirkpatrick, author of "The Facebook Effect," a history of the company, said in a telephone interview. "It's proving to be one of the greatest stories in business history."
Sandberg's rise in wealth mirrors her broadening role on the global stage. The Harvard graduate and one-time chief of staff for former Treasury Secretary Lawrence Summers is a donor to President Obama, sits on the board Walt Disney Co., and wrote the bestselling book "Lean In." She was lured from Mountain View, Calif.-based Google in 2008, and stepped down from the board of Starbucks in 2012.
"She went to Google, moved on to go to Facebook, went to write a book, and she'll know when to run for political office, and probably win that office," Kirkpatrick said.
Elisabeth Diana, a Facebook spokeswoman, declined to comment on Sandberg's net worth. The billionaire will attend the World Economic Forum's annual meeting this week in Davos, Switzerland.
Facebook probably had a "solid" fourth quarter with advertisement revenue around $100 million above consensus, Ross Sandler, an analyst at Deutsche Bank AG in New York, wrote in a research report Jan. 7.
"Engagement continues to increase broadly for FB, owing to the strong footprint in mobile," Sandler said in the report. He has a "buy" rating on the company.
Facebook CEO Mark Zuckerberg, 29, sold more than $2 billion in stock last month and donated another $1 billion to the Silicon Valley Community Foundation. The world's 23rd- richest person added $12.4 billion to his net worth in 2013, according to the Bloomberg ranking.
Facebook's other co-founders have also seen their fortunes surge. Dustin Moskovitz, the 29-year-old who founded Facebook with Zuckerberg, Eduardo Saverin and Chris Hughes at Harvard, is the world's 174th-richest person with a net worth of $7.4 billion. He's wealthier than Liberty Media chairman John Malone and fashion mogul Ralph Lauren, and is the youngest billionaire on Earth.
Saverin, 31, controls a $3.2 billion fortune. Hughes, 30, has a net worth of more than $500 million. He bought the New Republic magazine in March 2012.
Peter Thiel, Facebook's first outside investor, sold most of his stake in the company in August 2012, after restrictions on insider sales ended. The majority of the PayPal co- founder's $2.3 billion net worth is derived from his stake in software developer Palantir Technologies.
Facebook's Chief Financial Officer David Ebersman also sold stock. The former Genentech executive has collected almost $100 million selling shares in the past year, according to regulatory filings with the U.S. Securities and Exchange Commission. He owns more than 5 million shares, including stock options, valued at about $300 million.
Mike Schroepfer, the company's chief technology officer, has a stake valued at more than $100 million. The Mozilla and Sun Microsystems veteran has collected about $50 million selling Facebook stock.
Sheryl Sandberg's fortune surpassed $1 billion Tuesday after Facebook closed at a record.
A Q&A on ‘Obamacare’ Court Rulings
On Tuesday, two federal appeals courts issued conflicting rulings on the legality of tax subsidies being provided to people who bought “Obamacare” health insurance policies in Oklahoma and 35 other states.
Here’s a look at the rulings’ potential impact in Oklahoma.
Q: I’m confused. What did the courts rule today?
A: A three-judge panel of the U.S. Court of Appeals circuit in Washington, D.C., decided that the government can’t provide tax subsidies for Affordable Care Act plans purchased in 36 states where the federal government is operating the health insurance exchange. Oklahoma is one of the 36 states. A few hours later, the U.S. Court of Appeals circuit in Richmond, Va., issued a conflicting ruling that upheld the legality of the health-care law’s tax subsidies.
June healthy month for Oklahoma jobs
Nearly 10,000 new jobs in Oklahoma were created in June, according to the U.S. Labor Department.
Gov. Mary Fallin said Tuesday the state experienced one of the largest increases in employment in the nation in June. More than 9,600 additional people joined the state’s workforce in June.
The unemployment rate in June dropped to 4.5 percent, its lowest ratio in six years. June’s rate was down a percentage point from 4.6 percent in May and April, according to the Oklahoma Employment Security Commission.
University of Central Oklahoma recognized as having friendly work environment
The Chronicle of Higher Education named the University of Central Oklahoma as one of the “2014 Great Colleges to Work For.” Central is the only higher education institution in the state recognized on the list and one of only a handful of institutions in the nation given the distinction of being named to the Honor Roll for being cited most often among all the recognition categories.
Central joins Duke, Baylor and Notre Dame on the list of the 10 universities named to the large institution honor roll.
Council approves funds toward ADA update
City Council members have approved a $398,800 professional services contract with Accessology, a McKinney, Texas, firm, to establish an Americans With Disabilities Act transition plan for the city.
Title II of the ADA requires state and local governments to make their programs and services accessible to persons with disabilities. It includes access to government facilities, programs and events and relevant policy changes.
Accessology was selected out of a pool of five finalists by a five-member committee to create Edmond’s plan. The firm will partner with Kimley-Horn and Associates, a design consulting firm located in North Carolina.
Edmond’s last ADA transition plan was created in 1992.
Panel approves jail services agreement
City Council members have approved renewal of the city’s jail services agreement with Oklahoma County for prisoners incarcerated at the county jail on city charges.
The current annual agreement expired June 30. It provides the feeding, care, housing and upkeep of said prisoners. Edmond uses the county jail when the city jail is at capacity.
The sheriff’s office proposed a slight increase from $46.25 to a $46.50 daily rate per prisoner. City staff said the current agreement is working satisfactorily and believe the proposed rate is reasonable. The new agreement took effect July 1. The city can hold prisoners in its current jail up to 10 days; a new jail with 10 male and five female cells will be available inside the new Public Safety Center next year when the facility opens.
Panel establishes 911 phone rate
City Council members have established the rate for the 911 emergency phone service fee for calendar year 2015
Council members set the rate at 3 percent of the recurring charges as designated by the tariff for exchange telephone service or its equivalent within Edmond beginning Jan. 1, 2015.
Fees collected by wireless and voice over Internet protocol companies are established under a separate statute. To continue collection of the locally authorized service fee on landline phone bills, local governments must approve a resolution on an annual basis to set the actual fee.
Governments must also through the Association of Central Oklahoma Governments notify the appropriate incumbent local exchange carrier and competitive local exchange carrier phone companies by Sept. 1, 2015.
ACOG recommended for calendar year 2015 to maintain service fees at their current level of 3 percent.
Council approves $2.5M extra for utility
City Council members have approved the transfer of a $2.5 million appropriation for Edmond Electric.
The action was needed due to higher natural gas prices. Those increased prices caused wholesale electric purchase costs to exceed the department’s budget estimates for Fiscal Year 2013-14. To cover the increased costs, a transfer of funds from the “Transfers” category to the “Other Services and Charges” category was necessary.
It will maintain state law requirements and not increase Edmond Electric’s budget.
The action occurred during Monday’s meeting and was approved unanimously.
Edmond entrepreneurs sleuth their way to success
Tripadvisor.com led Andrew Gipson to an industrial complex outside of Dublin, Ireland, about a year ago. The recent University of Central Oklahoma graduate was in the midst of an extended stay in Australia and the United Kingdom when he walked through the doors of XIT Live Escape Adventure Game. According to Tripdadvisor, it was the top attraction in Ireland. He had to go.
An hour later, Gipson, 24, exited the facility inspired.
McAlister’s Deli sets ‘Free Tea Day’ for July 24
McAlister’s Deli, a leading fast casual restaurant, will celebrate its sixth annual Free Tea Day on July 24.
Steffen and Farrow celebrates 40th anniversary
Steffen and Farrow Orthodontics recently had a ribbon cutting at its Edmond location, 1601 S. Boulevard, to celebrate its 40th anniversary.
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