Mark Zuckerberg’s wealth was boosted by more than $10 billion on Thursday, his third-largest increase in wealth ever, as an outcome of Meta Platforms Inc.’s surprisingly strong first-quarter revenues.
Shares of Meta increased 14% following the earnings report, increasing Zuckerberg’s net worth to $87.3 billion and lifting him up to position 12 on the Bloomberg Billionaires Index. It marks the wealthiest person the Meta CEO has been in over a year.
The decision on Thursday restored the wealth devastation that Zuckerberg underwent in 2022, when his net worth dropped by 57%, or $71 billion, due to the company’s pricey migration to the metaverse and an industry-wide decline that raised doubts about its growth prospects.
The billionaire used Thursday’s results to strengthen his justification for investing in fields like virtual reality and artificial intelligence.
The Menlo Park, California-based business has also prioritized cost containment through reduced spending and layoffs in what Zuckerberg has dubbed “the year of efficiency.”
The largest gains in Zuckerberg’s net worth in a single day were $12.5 billion on February 2 and $11 billion around a year ago.