Meta chief Zuckerberg sees historic single-day rise in his income
Owner of the Meta platform Mark Zuckerberg had a massive $11 billion increase in his personal wealth on Thursday as the shares of the social media giant rose 17.6%.
The company’s announcement that its leading social media network, Facebook, had added more users than anticipated in the first quarter preceded the financial gain.
According to the Bloomberg Billionaires Index, the 37-year-old Meta CEO’s income increased by a historic amount in a single day as a result of the Thursday’s wealth addition.
According to a source, Mr. Zuckerberg has surpassed Carlos Slim and Jim, Rob, and Alice Walton to become the 12th richest person in the Bloomberg Index.
He had suffered a serious setback in the first quarter of this year after losing $49.6 billion of his wealth, the most among the top 20 global billionaires.
This comes soon after the parent company Meta reported a $7.5 billion profit for the first quarter, a decrease of around 21% from the same period in 2021. Since more than ten years ago, Meta has not experienced a continuous profit reduction.
Additionally, Meta’s revenue increased 7% to $27.91 billion from $26.17 billion.
The shares of the massive social networking company are still down 39% for the year, though.
On Wednesday, Meta revealed a larger profit than anticipated for the quarter, assuaging investors’ concerns about TikTok’s potential for competition.
On $27.9 billion in sales for the first three months of this year, the company claimed to have achieved a $7.5 billion profit. Additionally, it attracted an additional 3% of the average number.
Speaking about potential advantages, Mr. Zuckerberg stated: “We made progress this quarter on a number of important company initiatives, and we are still optimistic about the growth and opportunities our product plan will bring about in the long run.
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Nearly 3.64 billion individuals use one of the internet giant’s social media platforms or applications each month, according to the survey.
The social media platforms offered by the tech giant include Facebook, Messenger, WhatsApp, Instagram, and the virtual reality company Oculus.
Zuckerberg stated: “Today, more people than ever before utilize our services, and I’m pleased of how our products are helping people all across the world.