Internet

Facebook founder and chief executive Mark Zuckerberg has increased his wealth by a healthy $4.7bn (£3.2bn), despite taking home just a $1 salary.

The social network's latest earnings pleased investors, sending stock soaring nearly 10 per cent and helping Zuckerberg add billions to his wealth.

The additional cash in the bank (well, shares) helped the 31-year-old leapfrog Oracle's chairman Larry Ellison in the Forbes rich list of the world's wealthiest people and the publication estimates his wealth now stands at $51.9bn.

When it comes to personal fortunes, Zuckerberg goes toe to toe with Ellison and Amazon founder Jeff Bezos, regularly rotating their mid-table positions in the top 10 list of the world's richest people.

Zuckerberg has embarked on a plan to give away most of his fortune by handing over 99 per cent of his shares over coming years to the to the Chan Zuckerberg initiative he set up with wife, Priscilla Chan.

Facebook yesterday revealed revenue of $5.38bn for the first quarter, ahead of analyst expectations and up 53 per cent on the same quarter last year. Earnings per share hit 77 cents well ahead of the 62 cents expected. It also revealed impressive numbers for mobile revenue and its user growth.

Several of the biggest Wall Street firms raised their stock price targets after Facebook smashed earnings.

The company also announced plans for a stock split to ensure that Zuckerberg can retain control over the company in future.