Mark Zuckerberg was quite close to being the richest man in the world, but in spite of the fact that this is the case his net worth took a severe beating due to the extended period of decline that Meta has been embroiled in. After reaching the centibillionaire threshold, Zuckerberg saw his wealth decrease by as much as half as Meta’s stock price crashed.
With all of that having been said and now out of the way, it is important to note that Zuckerberg has made a resounding comeback. After Meta announced cost cutting measures that will be continuously implemented throughout the rest of the year, the company’s stock price bounced back by 23% on Thursday alone.
That has increased Zuckerberg’s net worth by a stunning $12.5 billion which is the biggest single day increase in net worth of all time. This also means that Zuckerberg is the fourth most successful billionaire of the year so far behind only Elon Musk, Bernard Arnault and Jeff Bezos.
Meta has laid of 13% of its employees, and the company has also announced a stock buyback plan. Closing down offices is another cost cutting measure that the company is taking.
This seems to be quite a sudden move from the Meta CEO, since he has spent much of last year focusing on the Metaverse and not really giving much thought to Meta’s flagging fortunes. He has clearly realized that a conservative approach is necessary because of the fact that this is the sort of thing that could potentially end up buying the business some time to fix things.
Zuckerberg has already stated that he will no longer be pursuing rapid growth in the near future. Instead, he is looking to bolster the enterprise so that he can reset and potentially get the company back on track for the long run. This is a welcome move for investors, which can be seen in the stock price increase that might just end up continuing for a good long while. Only time will tell if Zuckerberg acted at the right moment or if he was too late.
Photo: New York Times Events / YouTube
Read next: Meta Has Been Scraping Data All Along Despite All Claims
With all of that having been said and now out of the way, it is important to note that Zuckerberg has made a resounding comeback. After Meta announced cost cutting measures that will be continuously implemented throughout the rest of the year, the company’s stock price bounced back by 23% on Thursday alone.
That has increased Zuckerberg’s net worth by a stunning $12.5 billion which is the biggest single day increase in net worth of all time. This also means that Zuckerberg is the fourth most successful billionaire of the year so far behind only Elon Musk, Bernard Arnault and Jeff Bezos.
Meta has laid of 13% of its employees, and the company has also announced a stock buyback plan. Closing down offices is another cost cutting measure that the company is taking.
This seems to be quite a sudden move from the Meta CEO, since he has spent much of last year focusing on the Metaverse and not really giving much thought to Meta’s flagging fortunes. He has clearly realized that a conservative approach is necessary because of the fact that this is the sort of thing that could potentially end up buying the business some time to fix things.
Zuckerberg has already stated that he will no longer be pursuing rapid growth in the near future. Instead, he is looking to bolster the enterprise so that he can reset and potentially get the company back on track for the long run. This is a welcome move for investors, which can be seen in the stock price increase that might just end up continuing for a good long while. Only time will tell if Zuckerberg acted at the right moment or if he was too late.
Photo: New York Times Events / YouTube
Read next: Meta Has Been Scraping Data All Along Despite All Claims
