Source: Yahoo Finance News
Meta CEO Mark Zuckerberg’s fortune has visibly soared after Facebook’s comeback this week. His stock has gone up significantly in the last few week, with his net worth rising by more than $10 billion. Though its good news for the Meta CEO, his fortune has seen a significant degree of fluctuations. Despite being the world’s fifth-richest person currently, he lost over $19 billion since the last earnings report.
On the other hand, one of Meta’s recent reports indicated a sharp decline in its users last year. However, this was followed by a rebound in the company’s stock, increasing by 39% since the start of 2022. This shows that investors’ concerns about the future of the company has declined since the first quarter of this year. Moreover, it raises the question if the social media giant can keep up its growth, attracting more users.
On Thursday, shares of Meta Platforms Inc surged 17.6%, contributing an additional $11 billion to Zuckerberg’s wealth. Though the giant missed Wall Street’s revenue predictions for the first quarter, it reported a turnaround in its number of users, leading to its surge in shares. In fact, Zuckerberg fell from the top 10 richest list to no.10, however recovering a week later.
The current state of the company:
Though Meta’s stock is still down almost 39% for this year, its CEO’s net worth went up by the most ever. Currently, his net worth is US$ 120.6 billion, making him one of the world’s richest people. In fact, Meta struggled to find proper traction in the stock market despite the rise. The company is at a crucial stage as it transforms into the virtual reality, that Zuckerberg refers to as the ‘Metaverse.’ Recently, he specified seven iof hisnvestment priorities, which include investing in companies involved in this virtual reality.
On Wednesday, Meta’s share price dropped following Zuckerberg telling his employees that the reason behind it was a weak revenue forecast. He went on to add that its rival, TikTok, owned by Chinese firm ByteDance, had soared to a record high. However, he stuck to his belief that his social media company would not gain much from a four-day workweek.
Meta Platforms Inc’s drop in value was the biggest one-day loss for an American public company. Many other companies such as Twitter and Spotify also went through a similar loss in value, both falling more than 6%. Since the Facebook comeback, Microsoft and Apple remained the dame with a net worth of over $17 billion.