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November net worth increases $3.5 billion for Zuckerberg

03 Dec 2012

Facebook founder Mark Zuckerberg increased his net worth to US$3.5 billion during November, just days after the company came under fire for low tax payments in New Zealand.

Shares in the social networking site reached nearly $7 per share during the month, rising from $21.08 to $28 by close of play last Friday.

As a result of the growth, Mashable claims Zuckerberg gained around $3.48 billion across his 504 million shares in the company.

But the news will no doubt anger the Labour Party, who criticised Facebook New Zealand after the company only paid $14,500 tax last year.

"Making a mockery of tax loopholes for multinationals," Labour's revenue spokesperson David Clark said the social media giant is exploiting Revenue Minister Peter Dunne’s refusal to close tax loopholes and believes action is needed to combat such tiny tax bills.

“The New Zealand arm of the world’s most used online social networking tool, Facebook, paid only $14,497 in tax last year,” Clark said last week.

“In 2010 its tax bill was a mere $5,238. For a company that has 2.2 million users in New Zealand and makes billions worldwide, that’s barely believable.

“It appears Facebook is using the ‘double Irish’ tax technique. That’s where it uses Irish Facebook, which pays just 12.5% tax, to determine revenue and expenses.

“This ensures the company can put most of its revenue through countries with low-tax systems."

Zuckerberg's net worth currently stands at $14.1 billion and is set to continue growing through out December.