The CEO of Meta, Mark Zuckerberg, has reportedly seen a massive increase in his net worth, adding up to $10.2 billion. According to a report from Bloomberg, this rise has helped him achieve the highest net worth ever in over a year. This is the result of an increase in Meta’s shares by 14 percent, which has boosted Zuckerberg’s stake in the company.

Meta’s strong Q1 performance

The news comes after Meta’s strong Q1 performance, which saw the tech giant earning a net profit of $5.7 billion, a 22.7 percent increase from what the company gained in the four quarters of 2022. This profit growth was a result of Meta’s cost-cutting measures, including laying off 21,000 employees, which helped boost the company’s profits. Zuckerberg praised the company’s success, saying, “We had a good quarter, and our community continues to grow.”

Zuckerberg’s net worth

Zuckerberg’s net worth now stands at $87.3 billion, which is mostly driven by his 12.8 percent stake in Meta, the parent company of Facebook. This surge in wealth has made him the 12th richest person in the Bloomberg Billionaires Index. This growth has helped Zuckerberg make up for the loss that he incurred back in 2022 when his net worth dropped to $71 billion.

Ongoing cost-cutting measures

While Meta has seen an increase in profits, the process of cutting down expenses is still ongoing. The company has already conducted two rounds of layoffs, and it has been reported that they have begun to lay off people in technical roles, including user experience, software engineering, and graphics programming. A Meta spokesperson confirmed this to CNBC, stating that the company is restructuring to meet its goals.

Meta’s CEO Mark Zuckerberg has previously apologized for the layoff decision in an email sent to impacted employees, citing the economic downturn and the slow growth that the company has been experiencing. In addition, Meta also plans to hand over pink slips to people who are in business-facing roles such as finance, legal, and HR, which is said to take place in May this year.

Takeaways for Meta and its users

The news of Meta’s strong Q1 performance and Zuckerberg’s increased wealth may seem like good news for the tech giant, but it also highlights the ongoing cost-cutting measures that the company is undertaking. For users, this news serves as a reminder that while technology and social media platforms are ubiquitous and powerful, they are not immune to economic trends and market fluctuations.