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