Home » Mark Zuckerberg’s Fortune Soared $12 Billion Thursday On Meta Stock’s Biggest Jump In Nearly A Decade

Mark Zuckerberg’s Fortune Soared $12 Billion Thursday On Meta Stock’s Biggest Jump In Nearly A Decade

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Meta Platforms founder Mark Zuckerberg’s net worth increased by $12.4 billion to $67.6 billion on Thursday. company stock The stock soared 23% the day after it announced its quarterly results.

Zuckerberg was one of them 10 richest people But last fall, it fell out of that elite group when Meta’s stock price plummeted due to declining advertising revenue, competition from TikTok, and a general tech slump. Currently, he is his 16th richest person in the world. Forbes real-time billionaire tracker. that is Up from 22nd place one day ago However, it is well below third place in September 2021. was worth $136 billion.

Zuckerberg’s net worth surge comes after a rough 2022 for his company, where he holds most of his fortune.meta lay off 11,000 employees In the second half of 2022, it reported a 41% decline in annual profits. Earnings announcement on Wednesday Meta’s virtual and augmented reality division, Reality Labs, posted its largest ever quarterly operating loss of $4.3 billion. Meta also reported that its fourth-quarter revenue fell 4.5% compared to the same period last year, but Exceeded analyst expectations A 6.5% drop in earnings may have spurred the stock’s surge.

Zuckerberg has always been forward-looking, calling 2023 the “Year of Efficiency” on Wednesday’s earnings call, and even talked about generative AI in it.for something like ChatGPT and Image Generator Stable Diffusion, the technology has exploded in the public arena, attracting attention from competitors such as Alphabet and Microsoft. The latter is a big investor in his OpenAI, the parent company of ChatGPT.

“We’ve just grown very quickly in the first 18 years of the company’s growth, and it’s very difficult to improve efficiency while growing rapidly,” said Zuckerberg. I’m here. he said on the phone.

The company’s share price remains 51% lower than its September 2021 peak, despite Thursday’s 23% surge, the largest daily increase since July 2013.

Still, it’s been a good week for Zuckerberg and his fellow tech giant founders. On Thursday, the fortunes of Tesla’s Elon Musk, Amazon’s Jeff Bezos, Alphabet’s Sergey Brin and Larry Page each rose by more than $4 billion.

Moreover, Thursday’s increase in net worth Meta CEO markedly surpasses Indian billionaires Gautam Adanilost over $60 billion in the following weeks Fraud allegations from Hindenburg Research for short sales. (The Adani Group denies the allegations.)

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