New York: Meta CEO Mark Zuckerberg has surpassed Amazon founder Jeff Bezos to claim the title of the world’s second-richest person, according to the Bloomberg Billionaires’ Index. As of Friday, Zuckerberg’s net worth stands at an impressive $206 billion, placing him behind only Tesla CEO Elon Musk, who leads the rankings with $256 billion.
The Bloomberg Billionaires Index 2024 reports that Zuckerberg’s net worth has reached $206.2 billion, edging out Bezos’ $205.1 billion. Interestingly, Zuckerberg’s total net worth now exceeds the GDP of Kuwait, which is $160.4 billion, positioning him just $50 billion behind Musk.
Zuckerberg co-founded Facebook (now Meta) in 2004. Over the past two decades, the platform has evolved into one of the world’s most influential channels for global communication and information sharing.
The surge in Meta’s stock, which has risen 23 percent following better-than-expected second-quarter sales, reflects investor confidence and the company’s focus on advancing large language models that power AI chatbots. On Thursday, Meta shares reached a record high, closing at $582.77.
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Holding a 13 percent stake in Meta, Zuckerberg has experienced a remarkable increase in wealth this year, amassing $78 billion—the largest gain among the 500 wealthiest individuals tracked by the Bloomberg index. The 40-year-old co-founder and CEO has climbed four positions on the wealth index this year.
In the wealth rankings, Bezos is followed by Bernard Arnault, founder, chairman, and CEO of LVMH; Larry Ellison, co-founder of Oracle; and Bill Gates, co-founder of Microsoft. Notable names such as Larry Page, Steve Ballmer, Warren Buffett, and former Alphabet president Sergey Brin also feature among the top ten richest individuals globally. Indian billionaires Mukesh Ambani and Gautam Adani rank 14th and 17th, respectively.
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Meta’s Stock Performance
Meta’s stock market performance in 2024 has been remarkable, with shares rising nearly 70 percent since the beginning of the year. This growth correlates closely with Zuckerberg’s increasing personal wealth and robust investor enthusiasm. The company credits its sales growth to significant investments in artificial intelligence (AI).
This positive shift marks a significant turnaround for Meta, which laid off 21,000 employees in late 2022 as part of a major cost-cutting initiative spearheaded by Zuckerberg. This restructuring is viewed as a crucial factor in the company’s recovery.
Despite substantial investments in virtual and augmented reality technologies, investor confidence in Meta remains strong. The company’s core advertising business continues to perform well, contributing to Zuckerberg’s ascent up the wealth index.
