The post-earnings surge in Meta stock gave Facebook co-founder and CEO Mark Zuckerberg a nice gift, adding $11 billion to his already enormous wealth.
With Meta’s share price rising by 6%, the company had its second-biggest gain of the year, and Zuckerberg’s net worth increased to $178 billion on Thursday (the majority of Zuckerberg’s net worth is derived from his 13% holding in Meta).
According to Forbes’ real-time billionaires tracker, the increase moved Zuckerberg up to the third-richest person in the world, topping both Oracle chairman Larry Ellison ($172 billion) and Europe’s richest man, LVMH chairman Bernard Arnault ($177 billion).
With a net worth of $237 billion, revealed by BrandSpur digital news platform, Tesla CEO Elon Musk and Amazon chairman Jeff Bezos both have more wealth than Zuckerberg, who currently only lags by $105 billion.
It is a surprising fact that Zuckerberg’s wealth had increased by more than three times from September 2022, when the market tumbled, and his worth dropped to less than $60 billion, forcing him to drop from Forbes’ list of the world’s 10 richest people for the first time since 2015.
As the firm rebounded from a terrible four-quarter period of double-digit yearly earnings decreases, investors came back to the stock, and his fortune recovered along with Meta’s stock, with shares up about 500% from their 2022 bottom. With a $1.3 trillion market valuation, Meta is ranked as the sixth most valuable corporation in the world.
Three extremely substantial individual shares in very major public firms are held by Bezos (about 9% of Amazon), Musk (around 12% of Tesla), and Zuckerberg (almost 13% of Meta). The surge on Thursday occurred after Zuckerberg allayed concerns about uncontrollably high costs associated with the advancement of artificial intelligence and Meta handily exceeded analyst estimates for both profitability and sales.
However, Zuckerberg will receive about $691 million annually via Meta’s $0.50 quarterly cash dividend, which was introduced in March. Though it’s a small change in comparison to his 12-figure paper wealth, the 40-year-old finds the money to be useful for shopping.
