The net worths of big tech’s blue chip billionaires jumped Thursday as soon as stock markets opened. The gains came after both Facebook and Microsoft reported better than expected revenue growth on Wednesday after the market closed. Altogether the value of Facebook and Microsoft shares held by 27 billionaires rose $7.4 billion, thanks to the strong earnings reports., the largest individual shareholder in the social network he founded in a Harvard dorm room 15 years ago.
Despite concerns over its platforms’ data security and privacy, Facebook’s quarterly revenue exceeded $15 billion, a 26% year-over-year increase. The company estimates that 2.1 billion people use one of its services every day. Its share price on Thursday rose 5.8% to $193.26. Facebook also disclosed a $3 billion to $5 billion legal charge from the FTC, which it claims dragged its diluted earnings-per-share down 55%. The penalty seems to be tied to the Cambridge Analytica scandal, whichabout the social media giant’s usage of user data. But investors seemed to shrug off that news.
“We’re making significant investments in safety and security while continuing to grow our community and our business. This quarter once again, shows that we can do both,” said , Facebook’s billionaire chief operating officer. The 22 billionaire Facebook shareholders’ stakes are collectively worth $5.7 billion more as of 4:30 pm ET Thursday compared to the market close on Wednesday., the former Microsoft CEO who still holds more shares in the software giant than any other individual. His fortune jumped $1.2 billion, to $48.2 billion., with diluted earnings per share up 20%. Its quarterly revenue climbed 14% to $30.
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