Well folks, it looks like Mark Zuckerberg just became twice as rich as he was six months ago thanks to Meta’s post-earnings rally.
That’s right, the 38-year-old billionaire grew $10.3 billion richer in a single day. I mean, who needs a lottery when you can just be the largest individual shareholder of a tech giant, am I right?
Apparently, Meta’s earnings report smashed analysts’ expectations for profit and revenue, sending shares up 14% and hitting a 14-month high.
Zuckerberg’s net worth now sits at a whopping $85.1 billion, which is about 140% higher than last fall when the company’s shares were at a seven-year low.
But hey, it’s not all sunshine and rainbows for Zuck – his net worth is still far below its 2021 peak of $136.4 billion.
Poor guy.
Interestingly enough, this isn’t the first time Zuckerberg’s net worth has skyrocketed following Meta’s earnings reports. He added $12 billion to his fortune following the February report that similarly topped top and bottom-line estimates.
Talk about hitting the jackpot twice.
But don’t worry, Zuckerberg is still just the 14th-wealthiest person in the world. He had to leapfrog over Spanish fast-fashion mogul Amancio Ortega to get there.
And let’s not forget about Meta’s push into augmented and virtual reality, or the metaverse.
The company’s stock took a 76% crash between September 2021 and October due to the metaverse division losing roughly $20 billion in its less than two-year existence.
But hey, at least Meta’s social media operations have proven resilient, with revenue from Facebook, Instagram and WhatsApp growing 4% year-over-year.
In the end, as Deutsche Bank analyst Benjamin Black noted, Meta’s challenges were largely temporary. So, congrats to Zuck on his massive wealth increase.
I’m sure he’s just thrilled.
Source: Forbes
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