Mark Zuckerberg, the co-founder of Meta Platforms, experienced a major jump in worth of approximately $7.1 billion on Thursday, bringing his net worth to an impressive $113 billion.
Data tracked by TheTimes on Forbes revealed an impressive increase of 6.75% in Zuckerberg’s net worth, rising from $105.9 billion to its current $113 billion.
Why Zuckerberg made $7.1 billion
The surge in Meta’s share price played a pivotal role in Zuckerberg’s recent wealth boost, with the company’s shares rising by 6.54% from $298.57 to $318.10.
The increase in Meta’s share price was driven by the platform’s impressive second-quarter earnings, which exceeded estimates on both the top and bottom lines. As a result, the company’s stock soared by almost 8% in premarket trading on Thursday.
Meta’s revenue numbers surpassed Wall Street’s expectations, reaching a total of $32 billion against the estimated $31.06 billion.
Moreover, the company provided optimistic guidance for the current quarter, projecting revenue of $32 billion to $34.5 billion, surpassing the $31.2 billion expected by analysts.
Furthermore, Meta’s earnings per share stood at $2.98, surpassing the $2.92 forecast by analysts.
Meta’s CEO, Mark Zuckerberg, expressed satisfaction with the platform’s strong performance, citing robust engagement across their apps and an exciting roadmap ahead.
The company reported impressive ad revenue of $31.5 billion, surpassing the expected $30.43 billion.
The company’s ad impressions, crucial for monetizing its platforms, experienced a remarkable 34% year-over-year growth, while the price per ad decreased by 16% in the same period.
Reality Labs’ Operating Loss
Despite the overall positive performance, Meta’s VR division, Reality Labs, reported a wider operating loss than anticipated, amounting to $3.74 billion in Q2, exceeding the expected $3.68 billion. The company foresees continued losses as it remains committed to investing in augmented reality (AR) and virtual reality (VR) technologies.
More Insights into Zuckerberg’s Journey
Zuckerberg’s entrepreneurial journey began in 2004 when he founded Facebook at Harvard at the age of 19. Since then, he has steered the company to immense success and taken it public in May 2012.
Currently, he owns about 13% of the company’s stock.
In November 2021, Facebook underwent a transformation, changing its name to Meta to reflect the company’s shift towards the metaverse.
Additionally, Zuckerberg and his wife, Priscilla Chan, have pledged to give away 99% of their Facebook stake over their lifetimes, demonstrating a commitment to philanthropy.
Zuckerberg’s vast fortune primarily stems from his ownership stake of approximately 13% in Meta Platforms, previously known as Facebook, as disclosed in the company’s 2023 proxy statement.