Facebook Inc. (FB)’s market value exceeded $200 billion to put it among the world’s biggest corporations, as investors bet on the company to capitalize on the future of mobile advertising.
Facebook shares rose 0.8 percent to $77.89 at yesterday’s close in New York, valuing the company at $201.6 billion, according to data compiled by Bloomberg. That made it the 22nd-largest company in the world, behind Verizon Communications Inc. and ahead of Toyota Motor Corp.
The stock has jumped 9.3 percent since July 23, compared with a 0.7 percent increase in the Standard & Poor’s 500 Index, after Facebook reported a 61 percent increase in second-quarter sales to $2.91 billion. Mobile promotions accounted for 62 percent of ad sales, up from 59 percent in the prior period.
The stock’s rise has boosted Zuckerberg’s wealth to $34.5 billion, according to the Bloomberg Billionaires Index. The CEO, 30, who co-founded Facebook in 2004, owns shares that give him 61.6 percent of the voting power in the company, according to a March regulatory filing.