The CEO and co-founder of one of the largest technology companies in the world is likely smiling, with shares continuing their strong year-to-date gains and his wealth soaring following a rough 2022.
What Happened: A strong first-quarter earnings report from Meta Platforms META led to shares gaining significantly on Thursday.
Following the impressive earnings report and the rise in Meta Platforms' shares, CEO and co-founder Mark Zuckerberg is experiencing a significant boost to his wealth in 2023.
Zuckerberg gained $10.2 billion in wealth on Thursday, according to the Bloomberg Billionaires Index.
The Meta Platforms CEO now ranks as the 12th richest person in the world on the list, with a net worth of $87.3 billion. Zuckerberg has gained $41.7 billion in wealth year-to-date.
Once the third-richest person in the world, Zuckerberg fell out of the top 10 after seeing the price of Meta Platforms drop in 2022 and his wealth drop by a significant margin.
With a wealth of $87.3 billion, Zuckerberg finds himself nearing the top 10 and inching closer to making a re-entry.
Standing in the way of Zuckerberg are 11th-ranked Carlos Slim at $89.0 billion and 10th-ranked Francoise Bettencourt Meyers at $94.6 billion.
Related Link: Mark Zuckerberg Created A Messaging System For Dad's Dental Office And 4 Other Fun Facts About Facebook Co-Founder
Why It’s Important: Zuckerberg saw his wealth drop by over $80 billion, one of the biggest drops of all time.
Strong earnings reports from Meta Platforms in both February and April have seen shares rebound and Zuckerberg regain wealth.
Zuckerberg’s gain of $41.7 billion in wealth is the second largest in dollars for 2023, ranking only behind first-ranked Bernard Arnault, Chairman of LVMH LVMUYLVMHF.
Arnault has gained $45.5 billion in wealth in 2023 and, like Zuckerberg, has been helped by strong earnings results and a surging share price of the company he leads in 2023.
Tesla Inc CEO Elon Musk who topped the list in 2021 and 2022 saw his title get overtaken by Arnault in late 2022 before briefly taking it back in early 2023. Arnault regained the title of the world’s richest person in March 2023 and now has a lead of over $40 billion.
Zuckerberg was worth $141 billion back in August 2021. The billionaire started 2022 worth over $125 billion. His $87.3 billion net worth is the highest total for Zuckerberg since April 2022.
META Price Action: Shares of Meta Platforms closed at $240.32 on Friday, versus a 52-week range of $88.09 to $241.69.
Read Next: Mark Zuckerberg's Total Compensation In 2022 Was Raised To Accomodate Increased Private Jet Use
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