Following Meta Platforms Inc.’s unexpectedly strong first-quarter revenues, Mark Zuckerberg’s wealth increased by almost $10 billion on Thursday, the third-largest increase in history. After the earnings report, Meta shares increased 14%, increasing Zuckerberg’s wealth to $87.3 billion and moving him up to position 12 on the Bloomberg Billionaires Index. The fortune of the Meta CEO has increased significantly during the past year.
The decision made on Thursday undid the wealth devastation that Zuckerberg underwent in 2022, when his net worth dropped by 57%, or $71 billion, as a result of 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 findings to strengthen his argument for continuing to invest in fields like virtual reality and artificial intelligence. The Menlo Park, California-based business has also prioritised 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.
Meanwhile, according to Zuckerberg, since Meta launched Tik-Tok’s competitor Reels, the amount of time people spend on Instagram has increased by more than 24% as a result of AI recommendations. Mr. Zuckerberg particularly attributed the increased engagement to artificial intelligence for pushing content recommendations in user feeds. The company’s AI research, is driving good results across our apps and business. In a Facebook post reporting Meta’s quarterly results, he asserted that more than 3 billion people were now daily using at least one of our apps.
Take a look at the post: https://www.facebook.com/zuck/posts/10115095334046361
Also Read: Godrej Consumer Products acquires Raymond’s FMCG Business
