Mark Zuckerberg’s wealth jumps $11bn in one day on Facebook share surge

Meta chief Zuckerberg sees historic single-day rise in his income

Arpan Rai
Friday 29 April 2022 15:09
Comments
Mark Zuckerberg promotes Facebook's new 'Metaverse' virtual world concept

Meta platform owner Mark Zuckerberg added a whopping $11bn to his personal wealth on Thursday after the social media giant’s shares surged 17.6 per cent.

The financial gain came shortly after the company said its premier social media network Facebook had added more users than projected figures in the first quarter.

After the riches added on Thursday, the 37-year-old Meta chief saw a historic single-day rise in his income, as per the Bloomberg Billionaires Index.

Mr Zuckerberg is now the 12th richest in the Bloomberg Index, and leaves behind billionaires Carlos Slim and Jim, Rob and Alice Walton, according to a report.

He had faced a significant loss in the first quarter of this year after losing $49.6bn of his wealth — highest among all the top 20 billionaires in the world.

This comes shortly after the parent firm Meta logged a profit of $7.5 bn in the first quarter, which is down by about 21 per cent from 2021’s first quarter. It is the first consecutive profit decline Meta has faced in over a decade.

Alongside, the revenue for Meta has surged 7 per cent to $27.91bn from $26.17bn.

But the social media giant’s stocks are still in the red at 39 per cent this year.

Meta on Wednesday reported better profit than expected in the quarter, calming investors worried about competition from TikTok.

The firm said it made a profit of $7.5bn on revenue of $27.9bn in the first three months of this year. It also garnered an additional 3 per cent of average number of monthly users to reach 2.94 bn by the end of March.

Pointing to future gains, Mr Zuckerberg said: "We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock.”

According to the tech giant’s report, nearly 3.64 billion people use one of its social media apps and platforms each month.

The tech titan’s bouquet of social media platforms include Facebook, Messenger, WhatsApp, Instagram and virtual reality firm Oculus.

Mr Zuckerberg said: "More people use our services today than ever before, and I’m proud of how our products are serving people around the world.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in