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Boston Herald
Boston Herald
21 May 2023
Boston Herald Wire Services


NextImg:Ticker: Zuckerberg fortune up by $44B this year; American Airlines strikes deal with pilots

Mark Zuckerberg was all-in on the metaverse last year, willing to spend whatever it took to dominate virtual reality.

And it cost him, big time. At one point his wealth fell more than $100 billion from its high — a stunning decline for the millennial who just a few years ago was the world’s third-richest person.

So far this year, his focus has been on the physical world — first cost-cutting at his Meta Platforms Inc. and now working on a real-life competitor to Elon Musk’s Twitter.

The results appear to be paying off. Zuckerberg’s fortune, which is comprised largely of his Meta stake, has grown by about $44 billion this year, the most of anyone tracked by the Bloomberg Billionaires Index.

Even with Meta shares closing down slightly Friday in New York, Zuckerberg’s efficiency pivot has made the stock the second-best performer this year on the S&P 500, soaring more than 100% and pushing his net worth to $89.9 billion.

American Airlines has reached a tentative labor agreement with pilots who recently raised the possibility of a strike against the nation’s biggest airline if they were unable to get a new contract with higher pay.

American said late last week that the four-year deal, if ratified by pilots, would give them pay and profit-sharing “that match the top of the industry.”

Terms of the agreement were not disclosed.

Earlier this year, Delta Air Lines pilots ratified a contract that will boost their pay 34% over four years, but American pilots said they needed more to catch up with Delta, which has a richer profit-sharing program.

American spokeswoman Sarah Jantz said the airline was pleased to reach an “agreement in principle” with better pay, and profit-sharing  “They deserve to be paid well and competitively,” she said.