Meta CEO Mark Zuckerberg's wealth increases by $10 bn

Meta CEO Mark Zuckerberg’s net worth has seen a hike of more than $10 billion. This comes after a strong first-quarter sales performance and two rounds of layoffs that helped cut costs for the company.

The earnings report caused a 14 per cent surge in Meta's shares, raising Zuckerberg's fortune to $87.3 billion, which propelled him up to the 12th place in the Bloomberg Billionaires Index. A report by Bloomberg claims that this spike in wealth marks the highest point his net worth has reached in over a year, reversing the decline he experienced in 2022, when his net worth fell by $71 billion.

The gains in Zuckerberg's net worth were the third-largest single-day increase in his career. His previous bests were $12.5 billion on February 2 and $11 billion about a year ago. These increases highlight the success of Meta's strategy and the CEO's focus on cost-cutting measures.

During the earnings call, Zuckerberg encouraged continued investment in the areas of artificial intelligence and virtual reality. The Menlo Park-based company has focused on reducing costs through lower spending and layoffs, with the CEO referring to it as "the year of efficiency."