Mark Zuckerberg got $11.5 billion richer today

Shares of Meta, the parent company of Facebook and Instagram, shot up nearly 19% Thursday, making Zuckerberg about $11.5 billion wealthier in a single day.

Even though Meta missed Wall Street revenue forecasts for the first quarter and posted its slowest revenue growth in years, investors were celebrating its turnaround on user numbers — a key metric for advertisers.
The giddy response Thursday was in stark contrast to Meta’s disastrous fourth-quarter results, which sent shares plummeting in early February in the biggest single-day wipeout in Wall Street history. That loss also knocked Zuckerberg, who owns 13% of Meta shares, from his No. 9 spot among the world’s uber-wealthy, as tracked by Bloomberg’s Billionaire Index.

As of Wednesday’s close, Zuckerberg ranked at No. 18, with a net worth of $65 billion.

Although Meta (FB) was up 19% Thursday, the stock remains 38% lower for the year and faces serious headwinds.

The company is battling rivals like TikTok, struggling to monetize popular video content and facing disruption of its core advertising business because of changes to Apple’s privacy practices.

Meta also noted that its business was hurt by Russia’s war in Ukraine — Facebook and Instagram were blocked in Russia last month — and it expects those challenges to continue in the current quarter.

— CNN Business’ Clare Duffy contributed to this report.