Zuckerberg’s wealth rose to $87 billion amid 1000’s of job cuts: Report

Published: May 01, 2023

Meta chief govt officer (CEO) Mark Zuckerberg’s wealth shot up by $10 billion to $87 billion ( 7.11 lakh crore), this amid layoffs of 1000’s of workers in latest occasions.

Meta CEO Mark Zuckerberg.(AP file)
Meta CEO Mark Zuckerberg.(AP file)

On Thursday, Meta shares rose by 14 per cent on Thursday after the social media behemoth reported revenues of #28.6 billion within the first quarter of this yr. Zuckerberg’s wealth rose by highest margin in over a yr, making him the twelfth richest particular person on the planet as per the Bloomberg Billionaire Index. The 38-year-old tech boss derives most of his fortune from his stake in Meta, which is 13 per cent, Business Insider reported.

However, Zuckerberg is thought for his humble lifestyle. This regardless of spending lavishly on Hawaiian actual property and Italian sports activities automobiles. The Harvard dropout’s wealth is in distinction to 2022 when his fortune had dropped by $40 billion within the first 9 months of the yr. This had left him at twentieth spot on the Bloomberg record final September.

The depletion in wealth was attributed to Meta’s costly foray into the metaverse and the industry-wide tech hunch. In November, the Facebook co-founder’s wealth had hit a low of $35 billion in November final yr.

According to report, Meta is predicted to chop 10,000 jobs between March and May this yr and won’t rent for five,000 open roles. The layoffs are along with the 11,000 job cuts carried out by the corporate final November.

But Zuckerberg will not be letting go of his metaverse ambitions. He has advised traders {that a} narrative has developed that his firm is shifting away from give attention to the metaverse imaginative and prescient, which isn’t correct. He mentioned that the corporate is specializing in synthetic intelligence and metaverse for years now.

Source web site: www.hindustantimes.com