Shares of Meta, the parent company of Facebook and Instagram, shot up more than 17% Thursday, making Zuckerberg nearly $11 billion wealthier in a single day. The stock had been up as much as 19% earlier in the day, briefly boosting Zuckerberg’s fortune by $11.5 billion.
As of Wednesday’s close, Zuckerberg ranked at No. 18, with a net worth of $65 billion. Thursday’s rally should catapult him up a few spots and increase his net worth to roughly $76 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.