Mark Zuckerberg’s fortune jumps RM44.60bil on Meta sales rebound


Meta shares rose 14% after the earnings report, lifting Zuckerberg’s fortune to US$87.3bil (RM389.35bil) and boosting him up a notch on the Bloomberg Billionaires Index to 12th place. — AFP

Mark Zuckerberg’s wealth soared by more than US$10bil (RM44.60bil) on April 27, his third-biggest jump on record, after Meta Platforms Inc surprised investors with robust first-quarter sales.

Meta shares rose 14% after the earnings report, lifting Zuckerberg’s fortune to US$87.3bil (RM389.35bil) and boosting him up a notch on the Bloomberg Billionaires Index to 12th place. 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% – or US$71bil (RM316.66bil) – after a costly pivot to the metaverse and an industry-wide slump stirred concern over the company’s growth prospects.

The billionaire used Thursday’s results to burnish his case for pressing on with investments in areas like artificial intelligence and virtual reality.

The Menlo Park, California-based company has also focused on paring costs through lower spending and layoffs, in what Zuckerberg has described as “the year of efficiency.”

Zuckerberg’s biggest one-day increases in net worth are US$12.5bil (RM55.75bil) on Feb 2, and US$11bil (RM49.06bil) about a year ago. – Bloomberg

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud
Russian court fines Apple for not deleting two podcasts, RIA reports
GlobalFoundries forecasts upbeat Q4 results on strong demand from smartphone makers
Emerson sharpens automation focus with offer for rest of AspenTech in $15 billion deal
Palantir shares surge to record as AI boom powers forecast raise
Tax fraud investigators search Netflix offices in Paris and Amsterdam, says source
Singapore's Keppel to buy Japanese AI-ready data centre
Tesla increases wages for staff at German gigafactory by 4%
Apple explores push into smart glasses with ‘Atlas’ user study

Others Also Read