Mark Zuckerberg, the CEO of Meta, has surged past Amazon’s Jeff Bezos to claim the position of the world’s second-richest person. With Meta’s shares reaching an all-time high, Zuckerberg’s net worth jumped to $206.2 billion on October 3, 2024, leaving Bezos slightly behind at $205.1 billion, according to the Bloomberg Billionaires Index. Although Elon Musk still holds the top spot with a staggering $50 billion lead, Zuckerberg’s rapid rise in wealth is turning heads.
Meta’s Stock Boom Fuels Wealth Growth
Meta shares have been on a remarkable upward trend this year. On October 3, they closed at a record $582.77, marking a substantial 68% increase from their January price of $346.29. Wall Street’s positive outlook on Meta has been fueled by the company’s steady revenue growth, beating market expectations consistently. In its recent quarterly report, Meta announced a 22% surge in sales, reaching $39.07 billion for the second quarter. This impressive growth marks the fourth consecutive quarter where Meta’s revenue increased by over 20%.
The Power of AI and Meta’s Advertising Comeback
Meta’s strategic investments in artificial intelligence have been a driving force behind its recent success. The company has utilized AI to enhance its advertising platforms, drawing advertisers back despite a major setback in 2021. That year, Apple’s iOS privacy changes limited Meta’s ability to track user activity across apps, leading to a projected $10 billion revenue loss. However, Meta’s focus on AI has allowed the company to revitalize its ad system, which is now more efficient at targeting ads without compromising user privacy.
Zuckerberg’s Wealth Soars by $78 Billion
Zuckerberg, who holds a 13% stake in Meta, has experienced the most significant increase in wealth among the top 500 billionaires tracked by Bloomberg this year. Since January, his net worth has ballooned by $78 billion, positioning him at the forefront of wealth growth among the world’s richest individuals. As Meta continues to benefit from its AI investments and strong stock performance, Zuckerberg’s wealth trajectory has soared, outpacing most of his peers.
This recent achievement highlights Zuckerberg’s ability to navigate challenges and capitalize on technology trends to reinforce Meta’s position in the tech industry. Although he still trails Elon Musk, Zuckerberg’s climb to the second spot in the wealth rankings showcases Meta’s resilience and his ability to stay ahead in an ever-competitive market.
