Meta CEO Mark Zuckerberg's wealth soars by $10 bn after strong quarter, 2 rounds of layoffs

Meta CEO Mark Zuckerberg witnessed a massive boost to his net worth, as it soared by more than $10 billion on Thursday. This increase in wealth comes after a strong first-quarter sales performance and two rounds of layoffs that helped cut costs for the company. 

The surprising 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.

Also read: Meta CEO Mark Zuckerberg touts AI success, beats revenue forecasts

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."

The company's pivot towards the metaverse has previously raised concerns over its growth prospects. However, with the latest earnings report and cost-cutting measures, the outlook appears to be more positive, driving up the company's stock price and subsequently, the CEO's net worth.

Also read: Meta CEO Zuckerberg grilled for paying bonuses up to Rs 7.70 crore amid layoffs