As part of cost-cutting initiatives, the social media behemoth Meta slashed thousands of positions in 2022 and has plans to lose more in 2023.
Despite the layoffs, the business claimed higher income, which also caused Meta CEO Mark Zuckerberg‘s net worth to rise significantly.
Meta Stock Price Shot Up
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According to sources, Meta’s stock price rose 14% when the business revealed first-quarter 2023 revenues of $28.6 billion, which were higher than anticipated. Mark Zuckerberg’s net worth increased by $10 billion as a result, reaching $87 billion.
He became the 12th richest person on the planet, according to the Bloomberg Billionaire Index, making him even richer than he was before.
Despite the fact that Zuckerberg’s wealth today is substantially better than it was in 2022 when his net worth decreased by $70 billion, he has had to deal with difficulties because of Meta’s pricey excursion into the metaverse and the downturn in the IT sector.
His fortune dropped to $35 billion in November 2022, and Meta revealed intentions to slash another 10,000 employees between March and May 2023, on top of the 11,000 positions previously slashed in November 2022.
That did not stop Zuckerberg from concentrating on the metaverse, though. In spite of these difficulties, Zuckerberg reaffirmed his commitment to the metaverse during the company’s earnings call for the first quarter.
Mark Zuckerberg’s Perspective
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A story has emerged suggesting that we’re somehow shifting away from emphasizing the metaverse perspective. I just want to state right up front that that isn’t true. For years, we have been concentrating on AI and the metaverse, and we will continue to do so, added Zuckerberg.
A $4 billion operating deficit was recorded by the Reality Labs division, which houses Meta’s AR and VR businesses, including the metaverse.
The firm declined to comment on the employee losses, but Zuckerberg said Meta would continue to concentrate on both AI and the metaverse.
Zuckerberg Lifestyle
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According to an article by Insider, despite being one of the wealthiest individuals in the world, Mark Zuckerberg’s lifestyle appears to be very modest, with the exception of his acquisitions of Italian sports vehicles and Hawaiian real estate. He has a pretty simple way of living.
Notably, between the end of 2022 and the start of 2023, Meta cut close to 21,000 roles. In the formal email, Mark Zuckerberg mentioned that Meta was experiencing a loss in income and that the company planned to employ resources more effectively to boost operations and produce better outcomes.