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Why did Mark Zuckerberg get rich with $ 11 billion today?

2022-05-06 11:31:47Lifestyle SHKRUAR NGA REDAKSIA VOX
Why did Mark Zuckerberg get rich with $ 11 billion today?
Mark Zuckerberg

Nearly two months after losing his place among the 10 richest people in the world, Mark Zuckerberg is returning with claws.

Shares of Meta, the parent company of Facebook and Instagram, rose more than 17%, making Zuckerberg nearly $ 11 billion richer in a single day. The stock had risen as much as 19% earlier in the day, briefly boosting Zuckerberg's fortune by $ 11.5 billion.

Although Meta lost Wall Street revenue forecasts for the first quarter and recorded the slowest revenue growth in years, investors were celebrating its turnaround in user numbers, a key meter for advertisers.

Thursday's dizzying response was in stark contrast to Meta's disastrous fourth-quarter results, which led to a drop in shares in early February to the biggest overnight disappearance in Wall Street history. This loss also toppled Zuckerberg, who owns 13% of Meta, from his no. 9 among the richest in the world, as tracked by the Bloomberg Billionaires Index.

Since closing Wednesday, Zuckerberg has been ranked 18th with a net worth of $ 65 billion. Thursday's rally should catapult it by a few points and increase its net worth to approximately $ 76 billion. Although Meta (FB) was up on Thursday, the stock remains 39% lower for the year and faces serious winds.

The company is battling rivals like TikTok, struggling to make money from popular video content and facing the cessation of its core advertising business due to changes in Apple's privacy practices.

Meta also noted that her business was damaged by Russia's war in Ukraine Facebook and Instagram were blocked in Russia last month and expects these challenges to continue into the current quarter. CNN

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