Facebook stock on Friday closed at an all-time high, with a 2.41% rise, ending at $203 per share. The record high for the social media giant is coming after barely three months Facebook shares recorded 52-week intraday low of $149.02 per share following backlash from a data scandal involving political elections nationwide. With the US 2016 presidential election involved, many doubted the tech media's ability to gain public trust anytime soon. But the scenario has indeed demonstrated what happens when you stoop low and persevere in a tunnel – the rise is always strong.
Following Facebook share rise, capital market company BTIG has now modeled Facebook revenue for 2020 to worth $95.4 billion from its previous projections of $87.5 billion. BTIG analyst Richard Greenfield has reportedly raised his price target for Facebook shares to $275. Facebook stock has made an increase of 28% within the past one year, that’s more than twice of what S&P 500 has gained in share rise within the same period if compared. And Facebook has sold about $3.58 billion worth of shares amid the stock gains.
The rise in Facebook stock has been alleged to be reactions from investors amid speculations that Facebook has completed a £200 million deal ($265 million) to exclusively broadcast Premier League matches in Thailand, Cambodia, Laos, and Vietnam. The Facebook EPL broadcast deal is alleged to enable Facebook to live stream all English Premier League matches in the four Asian countries between 2019 and 2022, according to Bangkokpost.
The Facebook stock news means much more to the CEO. Mark Zuckerberg is now the world's third-richest person, ahead of Warren Buffett, reports Bloomberg. Zuckerberg now trails Jeff Bezos and Bill Gates, founders of Amazon.com Inc and Microsoft Corp respectively.
More than $77 billion worth of Facebook stock is owned by Zuckerberg who also has nearly $1 billion investment in an education startup, according to Market Watch. Facebook intends to use the $3.58 billion from stock sales to fund the Chan-Zuckerberg initiative, the two years old philanthropic investment established by Zuckerberg with his wife, Priscilla Chan. In 2017, Facebook CEO, who has pledged to give away 99% of his lifetime Facebook stock said he has plans of selling $6 billion worth of his Facebook stock before April 2019 to fund the organization in Securities and Exchange Commission filing, that will earn him a position in the list of the most charitable Americans.
Since 2000, Warren Buffet has given away more than $46 billion, that’s about 71 percent of his $65.5 billion fortune, making him one of the most charitable Americans, according to a 2017 CNBC report.