mark zuckerberg is on the mend after losing his place among the world’s 10 richest people. Yesterday, shares of Meta soared 17.6% after the company reported that its main social network, Facebookrecorded in the first quarter more users than projected.
This made Zuckerberg almost 11 billion richer in just 24 hoursthis is the largest increase in one day that the Magnate 37 years old, according to the Billionaires Index of Bloomberg.
Zuckerberg’s enormous wealth gain lifted him six places to 12th place in the index of Bloomberg.
Mark Zuckerberg’s expenses also grow
The recent increase in the number of users of Facebook It is a turnaround for Meta, as it added more users than expected in the first quarter, the number of active users increased from 1.93 billion to 1.96 billion.
That could allay concerns that the company is losing momentum as a new generation of users flock to younger sites like TikTok.
It is noteworthy that in the last three months of 2021, the company reported the first decrease in the number of platform users.
However, the rebound in share prices suggests that investors are less concerned about their future growth prospects relative to peers. However after yesterday, shares of ‘Meta’ are still down 39% this year.
As for billing, Meta -which in addition to Facebook owns Instagram, WhatsApp, Messenger and Oculus- entered 27 thousand 908 million dollars, 7% more than in the first quarter of 2021, but its expenses skyrocketed much more , specifically 31%.
The increase in expenses was mainly due to investment in research and development, an item to which it allocated $2.5 billion more than in the first quarter of 2021, and which was followed by marketing, sales and administrative costs.
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