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Shares of Meta, the parent company of Facebook and Instagram, rose nearly 19% Thursday, making Zuckerberg nearly $11.5 billion richer in a single day.
despite of Fat Meta Wall Street Revenue Forecast In the first quarter and with the slowest revenue growth in years, investors were celebrating the shift in user numbers — a key metric for advertisers.
Thursday’s sharp response was in stark contrast to Meta’s disastrous fourth-quarter results, which sent stocks plummeting in early February in the biggest one-day loss in Wall Street history. This loss also upset Zuckerberg, who owns 13% of Meta shares, From his position number 9 Among the world’s richest people, according to the Bloomberg Billionaires Index.
As of Wednesday’s close, Zuckerberg is ranked 18th, with a net worth of $65 billion.
although dead (FB) It is up 19% Thursday, and the stock is still down 38% for the year and facing serious headwinds.
The company is battling competitors like TikTok, struggling to monetize popular video content and facing disruption to its core advertising business due to changes in Apple’s privacy practices.
Meta also notes that its business has been hurt by the Russian war in Ukraine — Facebook and Instagram were blocked in Russia last month — and expects those challenges to continue into the current quarter.
CNN Business’s Claire Duffy contributed to this report.
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