Zuckerberg likes this.
Once pinned to the top, Mark Zuckerberg has proverbially left the group of the world’s 10 richest people this year. Now, he’s inching toward a comeback.
The Meta (formerly Facebook) co-founder just became around $11 billion wealthier in a single day.
This positive development for him follows a recent uptick in the shares of Meta by up to 19 percent.
The parent company of Facebook and Instagram still missed Wall Street’s first-quarter projections while posting its slowest revenue growth in years.
Nonetheless, investors found a redeeming factor in Meta’s user numbers, which serves as a key metric for advertisers.
Meta, and by extension Zuckerberg, has effectively bounced back from earlier losses.
The social network has admitted that the conflict between Russia and Ukraine hurt its business.
Russia, in particular, has blocked Facebook and Instagram in the country. This is a move that Meta says will pose a challenge even in the current quarter.
Nowhere to go but up
The company’s abysmal fourth-quarter results previously tanked Meta’s shares in the biggest single-day wipeout in Wall Street history.
Primary casualty, of course, was Zuckerberg, who fell from his spot as the ninth-richest person in the world, based on the Bloomberg Billionaires Index.
From a ranking of 18th with a net worth of $65 billion, Zuckerberg is expected to climb the list. He most recently placed 12th with a net worth of $81.9 billion.
Banner Photo via Mark Zuckerberg’s Instagram