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 BST
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.”

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