Metaplatforms Inc META chairman Mark Zuckerberg added $12.5 billion to his fortune, making him worth $69.8 billion according to the Bloomberg Billionaire’s Index.

What happened: The billion-dollar increase in Zuckerberg’s net worth came as shares of parent company Facebook rose 23.3% to $188.77 on Thursday.

Investors applauded Meta’s cost-cutting measures, as detailed in the company Fourth quarter earnings figures.

Fourth-quarter costs and expenses increased 22% year over year to $25.77 billion, including $4.2 billion in restructuring-related charges.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we are focused on becoming a stronger and more agile organization,” said Zuckerberg.

See also: How to Buy Meta Shares (Formerly Facebook).

Why it matters: Meta Platforms expects fiscal year spend to be between $89 billion and $95 billion, down from a previous range of $94 billion to $100 billion.

Meta Platforms reported fourth-quarter revenue of $32.17 billion, beating Street’s estimate of $31.53 billion.

Zuckerberg now sits fifth in year-to-date earnings, behind the likes Elon Musk, Bernard Arnault, jeff bezosand Changpeng Zhaoaccording to the Bloomberg Billionaire Index.

In 2022, through December, Zuckerberg had recorded one of its biggest fortune losses — a drop of $80.7 billion — as Price of Meta stocks crashed.

The drop came after the company reported mixed quarterly earnings in October but was a CIA whistleblower at the time Edward Snowden noted that Zuckerberg is “Will Own Your Eyeballs” in five years.

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