Mark Zuckerberg’s wealth soared by more than $10 billion on Thursday, his third-biggest jump on record.
This comes after Meta Platforms reported an increase in sales for the March quarter. This is Meta's first increase in topline after three consecutive quarters of decline.
The company reported revenue of $28.65 billion, 3% higher than last year, and also higher than consensus expectations of $27.65 million.
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.
Meta has cut over 21,000 jobs in a bid to reduce costs amidst a slowdown in advertising demand. CEO Mark Zuckerberg has dubbed 2023 the "year of efficiency."
The company is “becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision,” the CEO said.
Net profit for the period, however, declined by 24% to $5.71 billion. Meta, on average, earned $9.62 per user, higher than estimates of $9.3.
Zuckerberg’s biggest one-day increases in net worth are $12.5 billion on Feb. 2, and $11 billion about a year ago.
The company also plans on resuming hiring once the layoffs are completed next month. Additions are likely in Reality Labs, ad infrastructure and, generative AI.