The fortune of Meta Platforms' boss skyrocketed on April 27, thanks to a sharp increase in shares after the company announced its first-quarter financial report.
Meta shares rose 14% yesterday, pushing Mark Zuckerberg's fortune to $87.3 billion. This helped him move up one spot on the Bloomberg Billionaires Index, to 12th place.
Compared to the previous session, his assets increased by more than 10 billion USD. This is the third largest increase in the history of this billionaire. The current asset level is also the highest in more than a year.
Mark Zuckerberg at a technology forum in Utah in 2020. Photo: Bloomberg
Yesterday’s move reversed a trend of Zuckerberg’s fortune declining in 2022. His fortune fell 57% last year, or $71 billion, as Facebook’s stock tumbled as the high cost of pivoting to the metaverse and a slumping tech industry raised concerns about the company’s growth prospects.
Meta released its first-quarter financial report on April 26. Accordingly, the company's revenue increased by 3%, exceeding Wall Street's expectations and also the first increase in nearly a year. User growth was also stronger than in recent quarters. Earlier this year, Zuckerberg declared 2023 would be a "productive year" for the company.
Meta is in the midst of a restructuring aimed at reviving itself after a series of challenges, from increased competition, declining advertising revenue due to recession fears, to billions of dollars in losses from building the metaverse. The restructuring cost Meta more than $1 billion in the first quarter, and they expect to spend another $500 million on layoffs this year.
Zuckerberg's biggest gain in wealth was $12.5 billion on February 2 and $11 billion a year ago.
Ha Thu (according to Bloomberg)
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