- Facebook founder and Meta CEO, Mark Zuckerberg is making his way up the ladder of the richest people in the world
- He made about $11 billion in a single day after the shares of Meta rebounded by more 17 per cent on Thursday, April 28, 2022
- Zuckerberg lost his position among the top 10 richest person and slid down to the 18th position with a net worth of about $67 billion in February
After almost two months of losing his position among the world’s wealthiest people, Meta CEO and Facebook owner, Mark Zuckerberg is making his way back to the top.
The shares of Meta, the parent company of Facebook, Instagram, WhatsApp and Messenger went up more than 17 per cent on Thursday, April 28, 2022, earning Zuckerberg $11 billion in one day and boosting his fortune by $11.5 billion, according to CNN.
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Even though Meta could not meet Wall Street predictions for the first quarter, posting its slowest revenue growth in years, investors were happy about the company’s turnaround.
Meta's bad performance sends Zuckerberg sliding down
The response on Thursday was in contrast to the company’s woeful fourth-quarter performance which sent shares going down in early February in the biggest single-day loss in the history of Wall Street.
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The loss took the Meta CEO, who owns 13 per cent of the company’s shares from the 9th spot among the ultra-wealthy, according to Bloomberg’s Billionaire Index.
By Wednesday, April 27, the Meta boss was ranked the 18th richest person with a net worth of $65 billion. The Thursday bounce back will send him up a few steps and boost his fortune to about $76 billion.
The Tik-Tok challenge
Despite Meta’s rebound, the company’s stock remains 39 per cent lower for the year.
It has been fighting with the rising fame of Tik-Tok, labouring to monetise video content and facing disorder in its core advertising revenue due to changes in Apple’s privacy policies.
The company also stated that its business is being affected by Russia’s war in Ukraine. Facebook and Instagram are blocked in Russia.
Mark Zuckerberg ‘close to tears’ after Facebook lost N98.3trn in one day
Legit.ng has reported that Facebook Founder and Meta CEO, Mark Zuckerberg advised his staff to concentrate on building video products and cautioned that he may cry during a company-wide virtual meeting on Thursday, January 3, 2022 after his company lost a whopping N98.3 trillion. The loss is the biggest since the company was founded.
Daily Mail reported that the company’s shares fell 26 per cent on Thursday at the close of markets after the social media giant issued a gloomy forecast and also reported its first-ever decline in daily active users.
Zuckerberg himself saw N12.3 trillion of his personal net worth wiped off.