Facebook parent Meta's founder's Mark Zuckerberg’s wealth surged by $10 billion on Thursday after its shares rpse as much as 16 per cent to hit an intraday high of $241 after its sales surpassed analysts estimates.
Meta shares ended 14 per cent higher after the earnings report, lifting Zuckerberg’s fortune to $87.3 billion and boosting him up a notch on the Bloomberg Billionaires Index to 12th place, news agency Bloomberg reported.
Meta beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year, the latest sign that American tech giants were digging themselves out of a slump that has sparked tens of thousands of layoffs, news agency Reuters reported.
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The results also underscored the rising importance of AI, with CEO Mark Zuckerberg saying the tech was helping to boost traffic to Facebook and Instagram and earn more in ad sales.
Shares of tech companies including Apple Inc, Microsoft Corp, Amazon and Alphabet Inc have risen by around a quarter so far this year after a poor show in 2022.
