NEW YORK (TheStreet) -- Despite reports to the contrary, Facebook (FB) CEO Mark Zuckerberg has not trimmed his stake in the world's largest social network, despite a huge run up in shares.
Bloomberg first reported Zuckerberg had cut his stake to 19.6% of the company, but the note did not take into account that Zuckerberg owns Class A and Class B shares. Class B shares carry 10% more voting power than Class A shares. Zuckerberg did sell shares in Facebook's secondary offering in November, however.
BREAKING: Mark Zuckerberg trims his Facebook stake to 19.6% $FB
Bloomberg TV (@BloombergTV) February 7, 2014
Faceboook reported fourth-quarter earnings that surged past Wall Street estimates, as the world's largest social network earned 31 cents a share on $2.59 billion in sales. Revenue from ads surged 76% year over year to $2.34 billion. Perhaps even more impressive is the fact that Facebook's mobile ad revenue now generates over $1 billion in revenue per quarter ($1.24 billion this past quarter), despite having only just become a part of the company's business some 8 quarters ago.
After the earnings announcement, shares of Facebook shares surged, as the company's market cap has firmly surpassed $150 billion.
Shares of Facebook were gaining in early Friday trading, up 3.4% to $64.27.