Meta-platform owner Mark Zuckerberg added a whopping $11 billion to his personal fortune this week after shares of the social media giant surged 17.6 percent.
The financial gain came shortly after the company announced that its leading social media network, Facebook, added more users than forecast in the first quarter.
After the fortunes were added on Thursday, the 37-year-old meta boss saw his earnings surge in a historic single day, according to the Bloomberg Billionaires Index.
According to a report, Mr Zuckerberg is now the 12th richest on the Bloomberg Index, surpassing billionaires Carlos Slim and Jim, Rob and Alice Walton.
He had suffered a significant loss in the first quarter of this year after losing $49.6 billion of his wealth – the most among any top 20 billionaires in the world.
This comes shortly after parent company Meta posted first-quarter earnings of $7.5 billion, down about 21 percent from the first quarter of 2021. It’s the first consecutive earnings drop Meta has seen in over a decade.
In addition, Meta revenue increased 7 percent to $27.91 billion from $26.17 billion.
But shares of the social media giant are still down 39 percent this year.
Meta on Wednesday reported better-than-expected earnings for the quarter, reassuring investors worried about competition from TikTok.
The company said it had a profit of $7.5 billion on sales of $27.9 billion in the first three months of this year. It also gained another 3 percent of the average monthly user count, reaching 2.94 billion by the end of March.
Noting future earnings, Mr. Zuckerberg said, “We made progress on a number of key company priorities this quarter, and we remain confident in the long-term opportunity and growth that our product roadmap will unlock.”
According to the tech giant’s report, nearly 3.64 billion people use one of its social media apps and platforms every month.
The tech titan’s social media platforms include Facebook, Messenger, WhatsApp, Instagram and virtual reality company Oculus.
Mr. Zuckerberg said, “Today, more people are using our services than ever before, and I’m proud of how our products are serving people around the world.”
https://www.independent.ie/business/technology/news/mark-zuckerbergs-wealth-jumps-11bn-in-one-day-as-facebook-shares-surge-41600371.html Mark Zuckerberg’s Net Worth Increases by $11 Billion in One Day as Facebook Stock Soars