The fortunes of some of the world’s richest people spiked up this week after America’s largest tech companies announced blockbuster first-quarter earnings.
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Mark Zuckerberg enjoyed the largest jump in wealth, getting $8 billion richer during Facebook’s earnings week to wind up with an estimated net worth of $117.8 billion.
The social media giant shattered analysts’ expectations Wednesday afternoon with $26.1 billion in first-quarter revenue, 48% higher than last year, helping push the stock up by 7.3% Thursday to a record high. Facebook’s 8% gain for the week far outpaced the S&P 500 Index’s flat showing and the Dow Jones Industrial Average’s 0.5% decline.
Facebook’s revenue was nearly $3 billion higher than analysts had predicted, and its $9.5 billion net income—$3.30 per share—beat average expectations of $2.33 per share. Facebook’s surge also increased the net worth of billionaire cofounders Dustin Moskovitz and Eduardo Saverin by more than $1 billion each.
The world’s wealthiest person also had a good week. Jeff Bezos crossed the $200 billion mark for the first time since last October and is now worth an estimated $201.4 billion, $6.7 billion more than a week ago.
Amazon stock rose 3.8% during the week in anticipation of the company’s first-quarter earnings report. The company’s first-quarter revenue and profit crushed expectations on Thursday, though the stock closed Friday down slightly for the day.
Still, shares ended the week up 3.8%, also boosting the fortune of Bezos’ ex-wife MacKenzie Scott by $2.2 billion to an estimated $61.2 billion.
Like its peers, Google parent Alphabet beat estimates Tuesday with first-quarter revenues of $55.3 billion, 34% higher than last year. That figure helped drive a 2.3% rise in Alphabet stock this week, lifting the fortunes of cofounders Larry Page and Sergey Brin by $2.9 billion each.
Page is now worth an estimated $102.7 billion, and Brin joined him as a centibillionaire Wednesday before Google’s stock decline Friday lowered his fortune to an estimated $99.6 billion.
Jiang Rensheng was the week’s biggest winner outside of the U.S. Shares of his Chinese vaccine firm Chongqing Zhifei Biological Products rose 16.6% this week, lifting his fortune by $4.4 billion to an estimated $30.9 billion.
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Zhifei’s three-dose Covid-19 vaccine was approved for emergency use in China in March; Jiang’s net worth has grown by more than 300% since the beginning of the pandemic
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