Mark Zuckerberg’s wealth increased by over $10 billion on Thursday, his third-biggest jump on record, after Facebook parent company Meta Platforms Inc. recorded a small uptick in its revenues in the first quarter of 2023.
Meta’s revenue in the first three months of the year was up 3 per cent from a year ago to $28.6bn. The analysts had expected a slight decline in Meta’s revenue to $27.7bn.
The Meta Platforms Inc. co-founder’s mega wealth jump comes after his ‘year of efficiency’ pitch entailed thousands of job cuts across all Meta Platforms in the recent past.
Meta shares rose 14 per cent after the quarterly results. It lifted Zuckerberg’s fortune to $87.3 billion and took him to the 13th spot on the Bloomberg Billionaires Index.
It’s the highest the Meta chief executive officer’s wealth has been in more than a year.
Thursday’s move reversed the wealth destruction Zuckerberg experienced in 2022, when his net worth fell 57 per cent or $71 billion.
The billionaire used Thursday’s results to burnish his case for pressing on with investments in areas like artificial intelligence and virtual reality.
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Zuckerberg’s biggest one-day increases in net worth are $12.5 billion on February 2, and $11 billion about a year ago.
Meta announced a restructuring of its staff previously leading to about 20,000 job cuts across Facebook, WhatsApp, Instagram and Reality Labs.
We are becoming more efficient: Mark Zuckerberg
After the release of Meta’s quarterly results, Zuckerberg hailed the ‘good quarter’ company had and expressed optimism for Artificial Intelligence-related prospects of the company.
“Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”
World’s richest persons at present
Of the ten richest persons in the world, eight [ranking 2 to 9] belong to the United States. French luxury clothing magnate Bernard Arnault continues to be the richest person on the planet with $195 billion net worth. Arnault is followed by Elon Musk [$171 billion], Jeff Bezos [$126 billion], Bill Gates [$121 billion], Warren Buffett [$110 billion], Larry Ellison [$108 billion], Steve Ballmer [$103 billion], Sergey Brin [$95.3 billion] and Francoise Bettencourt Meyers [$88.9 billion].
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