Meta CEO Mark Zuckerberg’s net worth has increased significantly thanks to the massive rise in Meta shares after the group’s results were published. The 38-year-old billionaire is now more than twice as big as he was six months ago.
Meta group shares gained 14% Early Thursday after the group’s earnings report, released on Wednesday, beat analysts’ expectations. Mark Zuckerbergwhich is the largest single contributor to Meta, enriched with $10.3 billion During this march according to accounts Forbes.
He now has a fortune $85.1 billion, up about 140% from last fall, when Meta shares were at a seven-year low. However, the billionaire’s net worth is still well below the peak of $136.4 billion it reached in 2021.
Surprisingly, Mark Zuckerberg’s net worth has increased by more than $10 billion after each of the last two meta earnings reports. In February, the billionaire saw his fortune increase by $12 billion after the report was published.
Thanks to this rise, Mark Zuckerberg has overtaken the Spanish fashion tycoon Amancio Ortega to become 14H The richest person in the world.
Meta, which recorded a turnover of $28.6 billion In the first three months of 2023 and a net profit of $5.7 billion, continues to restore investor confidence as Mark Zuckerberg seeks to cut costs and refocus on the company’s advertising business, which is his livelihood. Silicon Valley stock Owns increased by more than 90% year-to-date, making up for much of the 76% drop in shares between September 2021 and October 2022. The crash in the company’s stock came when it launched into augmented and virtual reality, or “metaverse.” Metaverse division lost About 20 billion dollars In less than two years, Meta’s social media business has proven resilient, with revenue coming from Facebook, Instagram and WhatsApp by 4% from year to year. “The meta challenges were largely temporary,” she wrote. Benjamin Blackan analyst at Deutsche Bank, in a note to clients.
How can Meta benefit from the artificial intelligence (AI) boom? Mark Zuckerberg mentioned AI 18 times in his opening remarks on Wednesday’s earnings call, saying his company was “no longer behind” its competitors in “growing its data infrastructure.” Mark Zuckerberg has also claimed that his AI and reverse efforts are linked, and investors will be watching closely to see if the billionaire and his company can avoid billions of dollars in cash flow losses in their new foray. In a note sent Thursday to her clients, Mark Schmulekthe analyst at Bernstein, asked: “Can Meta Group remain disciplined while participating in the AI boom?”
Translated article from the American magazine Forbes – Author: Derek Saul
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