On Thursday, Meta Platforms Inc.’s strong first-quarter sales surprised investors, resulting in Mark Zuckerberg’s wealth increasing by over $10 billion. This was the third-largest increase in his wealth on record.
After the earnings report, Meta’s shares increased by 14%, which caused Mark Zuckerberg’s fortune to rise to $87.3 billion. As a result, he moved up a position on the Bloomberg Billionaires Index, ranking 12th. This is the highest his wealth has been in over a year, as the CEO of Meta.
Mark Zuckerberg experienced a significant drop in his net worth in 2022 when his wealth decreased by 57%, equivalent to $71 billion. This was due to the costly pivot to the metaverse and a slump in the industry, which raised concerns about the growth prospects of his company. However, Thursday’s increase in wealth has reversed this trend.
Mark Zuckerberg utilized the positive results on Thursday to strengthen his argument for continuing to invest in areas such as artificial intelligence and virtual reality.
In addition to investing in various areas, the Menlo Park-based company has also made efforts to reduce costs by cutting spending and implementing layoffs. Mark Zuckerberg referred to this period as “the year of efficiency.”
Mark Zuckerberg has experienced two significant increases in his net worth, with the largest one-day increase being $12.5 billion on Feb. 2, and the second-largest being $11 billion about a year ago.
