Meta, formerly known as Facebook, has reported a revenue of $28.6 billion in the first quarter of 2023, surpassing Wall Street’s expectations. As a result, the company’s CEO, Mark Zuckerberg, has seen his wealth surge by $10 billion to top $87 billion, making him the 12th richest person globally. Despite having laid off thousands of staff, the company’s stock increased by 14% after the announcement, boosting Zuckerberg’s net worth.
Zuckerberg’s wealth took a significant hit in 2022, dropping by about $70 billion in the first nine months of the year due to Meta’s costly venture into the metaverse and the industry-wide tech slump. However, his current fortune is a vast improvement, standing in stark contrast to November 2022 when his wealth hit a low of $35 billion.
Despite the layoffs and the financial downturn, Zuckerberg is not backing down from his metaverse vision. During the company’s first-quarter earnings call, he assured investors that they would continue to focus on both artificial intelligence and the metaverse. This commitment comes even as Meta plans to cut approximately 10,000 jobs between March and May and has already axed 11,000 positions in November 2022 as part of their effort to make 2023 the “year of efficiency.”
Although Zuckerberg’s wealth has fluctuated, he appears to lead a modest lifestyle, except for splurging on Italian sports cars and Hawaiian real estate. Despite being one of the richest people globally, the 38-year-old Harvard dropout remains focused on pursuing his company’s vision, even in the face of adversity.
