Billionaire Mark Zuckerberg pocketed more than 10 billion USD in just 24 hours

Billionaire Mark Zuckerberg made $10.2 billion on April 27 after claiming AI was helping Meta increase traffic to Facebook and Instagram, thereby generating more advertising revenue than analysts estimated.

The social media company reported first-quarter 2023 revenue of $28.65 billion, $1 billion higher than analysts' estimates.

Shares of the tech giant rose 14% in recent trading, hitting their highest close since February 2, when the company reported fourth-quarter 2022 results.

Mr. Zuckerberg's assets thus reached 87.3 billion USD, bringing him to 12th place on the Bloomberg billionaires ranking. This is also the highest asset value that Meta CEO has achieved in more than a year.

The April 27 results helped offset the Facebook founder’s losses in 2022, when his net worth fell 57% ($71 billion) due to heavy investments in the metaverse and a broader tech industry downturn.

Meta shares fell 64% last year but rebounded in 2023, when Mr. Zuckerberg decided to implement a “year of efficiency” strategy, which included cutting non-essential projects and laying off employees.

As of April 26, Meta's stock was up 74% year to date, making it the second-best performing stock in the S&P 500.

Zuckerberg's biggest one-day net worth gain was $12.5 billion on February 2 and $11 billion about a year ago .

Nguyen Tuyet (According to Bloomberg, CNBC)

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