Facebook boss's fortune increased by 10 billion USD

Business Entrepreneur

Friday, April 28, 2023 11:26 (GMT+7)
11:26 April 28, 2023

Mark Zuckerberg, CEO of Meta, finally got the “sweet fruit” when the company's revenue grew for the first time after nearly a year of continuous decline.

According to Bloomberg , Mark Zuckerberg, CEO of Meta, has increased his fortune by $10 billion . This is the third largest one-day increase in the career of the 38-year-old director. Zuckerberg's biggest increase in wealth was $12.5 billion on February 2 and $11 billion a year ago.

Meta's strong first-quarter revenue was a major contributor to the performance. Meta shares rose 14% after the company's financial report was released.

This raised Zuckerberg's fortune to $87.3 billion and helped the Facebook chief climb to 12th place on the Bloomberg Billionaires Index. Notably, this is the highest fortune the Meta CEO has achieved in more than a year.

2022 was a tumultuous year for Zuckerberg, with his net worth dropping 57%, or $71 billion , after the company shifted its focus to the metaverse.

This was a costly project that did not yield positive financial results, which raised concerns among investors about the company's growth prospects.

Now, the American billionaire has used positive figures in the recent report to convince investors to believe in areas such as artificial intelligence (AI) and virtual reality. These technologies will be deeply integrated into Meta's products and services in the future.

According to CNBC , Meta's revenue reached $28.6 billion in the first quarter, up 3% compared to the same period last year. This is the company's first growth after three consecutive quarters of declining revenue. Facebook's parent company expects second-quarter revenue to reach $32 billion .

However, Meta will face many challenges in the coming time in the context of a volatile macroeconomic environment. In addition, strict privacy regulations of the European Union (EU) are also putting significant pressure on the digital advertising market.

Not only that, TikTok is still a tough competitor for Meta as this application has more than 150 million users in the US.

In 2023, the world economy is forecast to continue to fluctuate and cannot recover quickly. Many major economies still face risks such as slow GDP growth, inflation, unemployment, bad debt, etc. Zing readers are invited to read the 2023 Economic Bookshelf to grasp new economic knowledge and information in 2023.

Thanh Vu

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