Mark Zuckerberg's Wealth Surges $10 Billion as Meta Bounces Back

Meta’s founder Mark Zuckerberg’s wealth saw a surge of about $10 billion on Thursday after its shares rose as much as 16 percent to hit an intraday high of $241. Making it the highest the Meta chief executive officer's wealth has been in more than a year, Meta shares rose 14% after the earnings report, lifting Zuckerberg's fortune to $87.3 billion and boosting him up a notch on the Bloomberg Billionaires Index to 12th place. 

The 38-year-old chief executive is rebounding from his worst year on record, with his wealth tumbling from a peak of $142 billion in September 2021. He had a number of daily ups and downs in 2022: he lost as much as $31 billion in a day last February, then gained $11 billion in April, only to lose $11 billion in October after another disappointing earnings report. 

THE LAYOFF

Meta started laying off technical staff earlier in April as part of the latest round of job cuts. Zuckerberg had announced that 2023 would be the “year of efficiency,” as the company made efforts to make its operations leaner.

The layoffs appear to have paid off for Meta, at least as far as their share prices are concerned. Despite plummeting in 2022, Meta’s share prices have bounced back quite considerably this year.

The CEO has made a statement saying : “Our Artificial Intelligence work is driving good results across our apps and business. We are also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.

As technological announcements continue, Mark Zuckerberg and his company must keep up with the times to ensure continual relevance as they are currently a big player in the scene