His grey t-shirt and hoodie combination is more expensive than you think.
We all know Mark Zuckerberg, the 33-year-old founder and CEO of Facebook. But do we know how Mark Zuckerberg spends his money?
The millennial entrepreneur has a net worth of US$74 billion and counting.
He’s the fifth-richest person in the world, yet he is one of the most down-to-earth billionaires. He doesn’t flaunt his wealth with flashy cars or expensive watches.
What then, does the billionaire do with his money?
Mark Zuckerberg spends his money on charity: A common fact
One of the things, Zuckerberg is most well-known for, apart from Facebook, is being a philanthropist. He is a member of the Giving Pledge as well as co-founder of the Chan Zuckerberg Initiative, which he started with his wife, Priscilla Chan.
The Initiative was started in 2015 to focus on “personalised learning, curing disease, connecting people, and building strong communities”.
The Chan Zuckerberg Initiative is looking to tackle both local and global issues. Last year, the Initiative invested US$3 billion into research focused on curing the world’s diseases by the end of the century.
Earlier in 2017, it partnered with housing startup Landed, giving US$5 million to help at least 60 teachers in Redwood City and East Palo Alto, California, purchase real estate.
Of course, this is just part of Zuckerberg’s extensive wealth. In May 2012, eight years after Facebook was founded, it debuted on the New York Stock Exchange in the biggest technology IPO in history. Since then, Zuckerberg has added an average of US$9 billion to his net worth annually.
So what else is he spending all his money on?
This is what Mark Zuckerberg spends his money on
Though you might think Zuckerberg doesn’t spend much on clothes (he’s always in a grey t-shirt and a hoodie), his signature look is actually also designer. They are more expensive than they look, typically retailing for hundreds and even thousands of dollars.
While he spends a healthy but not too extravagant amount on his clothes, Zuckerberg does not indulge in cars.
He is known for driving relatively inexpensive cars. As far as anyone knows, he has been seen in an Acura TSX, a Volkswagen hatchback, and a Honda Fit.
But what Zuckerberg splurges on, though not as outrageously as he can afford to, is real estate.
Mark Zuckerberg spends his money on real estate
In May 2011, he bought a 5,000-square-foot home in Palo Alto for $7 million. The next year, he began buying the properties surrounding his home, spending more than $30 million to acquire four homes, with plans to level them and rebuild.
Zuckerberg also owns a townhouse in the Mission District of San Francisco. The 5,500-square-foot home was purchased in 2013 and he proceeded to spend over $1 million in renovations.
In one of his more lavish purchases, the tech billionaire added two properties on the island of Kauai to his real-estate portfolio, spending $100 million on two properties.
The Kahu’aina Plantation is a 357-acre former sugarcane plantation while Pila’a Beach is a 393-acre property with a white-sand beach.
Zuckerberg said he and Chan bought the land because they’re “dedicated to preserving its natural beauty.”
Future plans: How Mark Zuckerberg spends his money
Zuckerberg has plans to sell 99% of his Facebook shares during his lifetime, with accelerated plans to sell his shares to fund The Chan Zuckerberg Initiative.
He plans to sell 35 to 75 million shares over the next year, which would total between US$6 billion and US$12 billion.
What do you think of how Mark Zuckerberg spends his money? Let us know in the comments!
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