Meta Platforms Inc META CEO Mark Zuckerberg piled $12.5 billion to his wealth making him value $69.8 billion, in accordance with the Bloomberg Billionaire’s Index.

What Occurred: The billions of {dollars} of enhance within the web value of Zuckerberg got here as Fb dad or mum’s shares surged 23.3% to $188.77 on Thursday. 

Traders cheered Meta’s cost-cutting measures as enumerated within the firm’s fourth-quarter earnings numbers.

Prices and bills within the fourth quarter rose 22% year-over-year to $25.77 billion, which included restructuring-related prices of $4.2 billion.

“Our administration theme for 2023 is the ‘12 months of effectivity’ and we’re centered on turning into a stronger and extra nimble group,” mentioned Zuckerberg.

See Additionally: How To Purchase Meta (Previously Fb) Shares

Why It Issues: Meta Platforms is guiding fiscal 12 months bills to vary between $89 billion to $95 billion, decrease than an earlier vary of $94 billion to $100 billion.

Meta Platforms introduced fourth-quarter income of $32.17 billion which got here in forward of Road’s estimate of $31.53 billion.

Zuckerberg is now fifth in relation to year-to-date positive factors behind the likes of Elon Musk, Bernard Arnault, Jeff Bezos, and Changpeng Zhao, in accordance with Bloomberg Billionaire Index.

In 2022, by December, Zuckerberg had registered one of many largest falls in wealth — a drop of $80.7 billion — as the value of Meta shares plunged.

The drop passed off after the corporate reported blended quarterly numbers in October, however on the time CIA whistleblower Edward Snowden famous that Zuckerberg is “gonna personal your eyeballs” in 5 years’ time.

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