Mark Zuckerberg, the founder and CEO of Meta, has seen his net worth rise by $10.2 billion after the company posted strong quarterly results, leading to its shares rising nearly 14%. This incredible one-day increase was third-largest in the career of the 12th richest person in the world, making his current net worth approximately 87.3 billion dollars, according to the Bloomberg Billionaire Index.
In the March quarter, Meta (formerly known as Facebook) reported a total revenue of $28.65 billion, a 3% increase year-on-year, beating the market expectations. After the strong results, the Nasdaq-listed Meta saw its stock rising to $238.56 at the close of the market, a record high in the last 15 months.
It is worth mentioning that the wealth surge of Mark Zuckerberg came despite his company going through two rounds of layoffs in recent months that impacted more than 21,000 of its employees. The Mark Zuckerberg training video with ‘The Shadow’ Khai Wu was also released recently, adding to the success of the CEO.
Meta Reality Labs, the AR-VR division of Meta, posted in the December 2022 quarter a huge loss of close to $4 billion and a year-on-year loss of $13.7 billion. Despite this, the company remains hopeful and optimistic about its long-term objectives.
Meta also gave an outlook on its 2021 expenses, which are estimated to be in the range of $86-90 billion and includes 3 to 5 billion dollars of restructuring costs related to facilities consolidation charges and personnel costs.
Meta, formerly Facebook, is a subsidiary of parent company Facebook Inc. It is an American online social media and social networking service based in Menlo Park, California. Founded by Mark Zuckerberg and friends in 2004, the platform was initially launched for college students at Harvard University and gradually expanded to other universities and eventually to the rest of the world. Used by millions, Meta offers features like sharing photos and videos, playing games, using a variety of applications, and participating in groups and pages.
