How Meta creator Mark Zuckerberg makes and spends his $65 billion fortune, from Italian sports cars to millions in Hawaii real estate
Mark Zuckerberg is one of the most powerful and wealthiest figures in the world.
He has a net worth of $67.6 billion, according to Forbes, and spends much of it on charity.
But he also pours money into real estate, especially in Hawaii, and cars.
Mark Zuckerberg is one of the wealthiest people in the world.
The Meta founder and CEO's fortune surpassed $100 billion last year, making him one of 10 centi-billionaires on the planet. However, recent events have brought that figure down to $67.6 billion, according to Forbes.
Zuckerberg mostly keeps a low profile, but he does splurge on real estate — especially in the tropical paradise that is Hawaii. He and his wife, Priscilla Chan, also invest in childhood education and medical research.
Here's how the tech mogul spends his billions, from cars to properties to charity.
Facebook debuted on the New York Stock Exchange in May 2012.
Eight years after its founding, Facebook clocked in the milestone. At the time, it was the biggest technology IPO in history and it sent Mark Zuckerberg's wealth soaring.
Much of Zuckerberg's fortune comes from Meta.
The exec has a 13% stake in the company, whose parent company is now called Meta.
But he doesn't make a large salary — in fact, his take-home pay is just $1.
But he's fairly low-key.
Despite his status as one of the richest tech moguls, the 38-year-old Harvard dropout leads a down-to-earth lifestyle with his wife, Priscilla Chan, and their two young daughters.
And he's not a fan of flashy clothes.
Like many other Silicon Valley stalwarts, Zuckerberg doesn't dress in flashy suits — he keeps things simple in jeans, t-shirts, and sweaters.
But they're reportedly much more expensive than they look, retailing for hundreds, and even thousands, of dollars.
Neither is he into flash vehicles.
Zuckerberg is known for driving relatively inexpensive cars. He's been seen in an Acura TSX and a Honda Fit, both of which are valued at or under $30,000.
He loves his signature Volkswagen.
He's been spotted driving a black Volkswagen Golf GTI, a car that he bought well after making his fortune. That car would cost about $30,000 new.
Although he did splurge on a car ...
He has dropped serious cash on at least one sports car: an Italian Pagani Huayra that sells for about $1.3 million.
And most recently, he posted some new wheels on Instagram.
In July, Zuckerberg posted a photo of what appear to be two refurbished vintage Ford Broncos, one baby blue and one black, with the caption "his and hers." The price is unknown.
He spends money more freely on real estate.
In May 2011, he bought a 5,000-square-foot home in Palo Alto for $7 million. He's since tricked it out with a "custom-made artificially intelligent assistant."
Source: San Francisco Chronicle, CNBC
Then he bought up nearby land.
The next year, Zuckerberg began buying the properties surrounding his home, spending more than $30 million to acquire four homes with plans to level them and rebuild.
Source: San Francisco Chronicle, CNBC
He also used to own a townhouse in the Mission District of San Francisco.
He bought the 5,500-square-foot home in 2013 and proceeded to make over $1 million in renovations, including adding a greenhouse and remodeling the kitchen.
But in July, he sold it in an off-market sale for $31 million, the biggest residential real estate deal in San Francisco so far this year.
Source: Curbed San Francisco, Business Insider
Then there's Hawaii.
In 2014, the billionaire's real-estate portfolio jumped the Pacific when he spent $100 million on two properties on the island of Kaua'i: the Kahu'aina Plantation, a 357-acre former sugarcane plantation, and Pila'a Beach, a 393-acre property with a white-sand beach.
But there's been backlash.
In 2016, Zuckerberg angered neighbors by constructing a 6-foot wall around his property, and in 2017, Zuckerberg filed suit against Hawaiian families who had legal-ownership claims on parcels of land within his property. Though he dropped the suit, residents accused him of "neocolonialism."
He's adding onto his Hawaii properties too.
In March 2021, he spent $53 million on nearly 600 acres of land on Kauai and in December, he purchased 110 more acres of land nearby for $17 million.
The purchases serve as a respite for the executive.
When Zuckerberg is in Hawaii, he appears to spend his time unwinding and enjoying some hobbies. He's been photographed riding a $12,000 electric surfboard in the ocean off Kaua'i and practices shooting arrows and throwing spears on his property.
Zuckerberg made another massive real estate purchase in 2018.
He shelled out for two lakefront properties on Lake Tahoe, which cost a combined $59 million. One of the houses, called the Brushwood Estate, spans 5,233 square feet on six acres of land. The property features a guest house and a private dock.
Between his two Lake Tahoe properties, Zuckerberg owns about 600 feet of private shoreline on Lake Tahoe's west shore. When Zuckerberg buys properties, he tends to buy the other homes surrounding it for privacy reasons, just as he did in Palo Alto.
Zuckerberg doesn't appear to travel much for pleasure.
But when he traverses the globe for work, Meta foots the bill: security for Zuckerberg and his family cost the company $23 million in 2020, the company reported.
Ultimately, opulence and luxury are just a blip on Zuckerberg's radar.
In fact, his main priority seems to be giving his money away, rather than spending it.
Zuckerberg has signed onto the Giving Pledge.
He joined Bill Gates, Warren Buffett, and over 200 other millionaires and billionaires who have vowed to donate the majority of their wealth to philanthropy. He plans to sell 99% of his Facebook shares during his lifetime.
He plans to donate significantly to his and his wife's organization.
Zuckerberg said in September 2017 that he planned to sell 35 to 75 million shares over the following 18 months to fund the Chan Zuckerberg Initiative, totaling between $6 billion and $12 billion.
The Chan Zuckerberg Initiative is a philanthropic organization Zuckerberg founded with his wife in 2015 focused on "personalized learning, curing disease, connecting people, and building strong communities." CZI has awarded nearly $3 billion in grants over the years.
CZI is invested in tackling both local and global issues.
In 2020, for example, the organization poured $4.2 million into a jobs program for residents of Kaua'i and committed $1 million to help the region battle the coronavirus. CZI has also contributed millions in the last year to causes like criminal justice reform and affordable housing.
The pair have also donated to research.
Zuckerberg and Chan have poured billions into research focused on curing the world's diseases by the end of the century. In order to accomplish this lofty goal, CZI launched a nonprofit called Biohub to start looking into the cure for disease, including research on genomics, infectious diseases, and implantable devices.
Zuckerberg believes that Biohub will help speed up research to cure disease.
He told The New Yorker in 2018 that "we'll basically have been able to manage or cure all of the major things that people suffer from and die from today. Based on the data that we already see, it seems like there's a reasonable shot."
Source: The New Yorker
Zuckerberg's day job is still keeping him busy, however.
In the past couple of years alone, he's testified before lawmakers, attempted to quash coronavirus misinformation on Facebook, and suspended former President Donald Trump from the platform.
Source: Insider, Insider, Insider, Insider
Then there were the whistleblowers.
In 2021, two former employees came forward with allegations that the company's leadership consistently chose profits over safety.
One of the whistleblowers, Frances Haugen, leaked a trove of internal documents, known as the Facebook Papers, that detailed internal challenges like the company's impact on teenagers and how it's grappled with hate speech.
In come the 'Metamates'
In October 2021, Facebook officially changed its corporate name to Meta to reflect its new focus on the metaverse, a virtual space where users can interact digitally as avatars.
"From now on, we'll be metaverse first, not Facebook first," Zuckerberg said at the time.
Meanwhile, Zuckerberg's wealth has soared.
Back in August 2020, the launch of a new Instagram feature designed to compete with TikTok sent both the company's share price and Zuckerberg's net worth to new heights.
The move caused Zuckerberg's net worth to exceed $100 billion for the first time, making him one of 10 centi-billionaires on Earth.
His wealth has dropped and fluctuated since then.
Though he's no longer in the hundred-billionaire club, Zuckerberg's wealth did increase by about $12.4 billion since Meta announced a series of cost-cutting measures, including mass layoffs, and a stock buyback of $40 billion.
According to Forbes, the Meta founder is worth $67.6 billion as of February 2, 2023.
Tanza Loudenback, Taylor Nicole Rogers, and Liz Knueven contributed to an earlier version of this story.
Read the original article on Business Insider