It was literally raining billions, of dollars that is, for one lucky tech chief on Thursday.
Mark Zuckerberg, CEO of Facebook parent Meta Platforms
saw his fortune surge by $12.5 billion, according to the rankings of the Bloomberg Billionaire Indext. That’s as the stock of his company rallied to its best day since 2013 on Thursday, as investors applauded cost cuts and $40 billion in share buybacks.
Read: Meta stock enjoys its best day since 2013 amid ‘meteoric’ shift
Meta stock surged 23.3% in Thursday for the second-biggest rally on record, and are now up 56% year to date, following a 64% drop in 2022.
After losing 33% in 2022, the broader Nasdaq Composite
is up 16% year to date, a speedy climb that has some Wall Street observers worried.
And: Tech stock ‘meltup’ puts Nasdaq-100 on vergeof exiting bear market
After a 22% jump in his fortune on Thursday, Zuckerberg is now worth $69.8 billion, making him the 13th wealthiest person in the world.
Meta Platform’s co-founder Eduardo Saverin also saw a 22% increase on Thursday, though his total worth of $10.5 billion is still just a slice of Zuckerberg’s.
On a percentage basis, Changpeng Zhao, chief executive officer of cryptocurrency exchange Binance, came out on top Thursday with a 26% gain in his wealth, a $6.49 billion rise to a total of $31.2 billion.
Zuckerberg may be a rarity among tech titans with growing wealth as shares of Amazon.com
and Google parent Alphabet
tumbled in premarket trading following their respective results late Thursday. Apple stock
was also dropping after its results. Meta stock was down 2.2% as the selloff spread across tech.
Amazon founder Jeff Bezos ranked No. 3 among the world’s billionaires as of Thursday, with a fortune of $136 billion, while Sergey Brin, Alphabet co-founder was at No. 8, with a wealth pile of $94.6 billion. Those fortunes might look a little different by the end of Friday’s market trading.