Meta CEO Mark Zuckerberg has overtaken Amazon’s Jeff Bezos to become the second richest person in the world, according to the Bloomberg Billionaires Index. As of Thursday, Zuckerberg’s net worth reached $206.2 billion, surpassing Bezos, whose net worth is $205.1 billion. The Facebook co-founder now trails only Elon Musk, CEO of Tesla, who remains the richest person by roughly $50 billion.
Zuckerberg’s fortune has surged by $78 billion since the start of 2024, driven largely by the rise in Meta’s stock price. Meta shares hit a record high on Thursday, closing at $582.77, a significant increase from January’s price of $346.29.
Meta’s strong performance throughout 2024, highlighted by four consecutive quarters of over 20% revenue growth, has garnered investor confidence. In the second quarter alone, Meta reported a 22% jump in sales to $39.07 billion. This rebound comes after the company faced challenges in 2021 due to Apple’s privacy changes, which affected its online advertising system.
Zuckerberg’s wealth growth is also linked to cost-cutting measures implemented in late 2022. Meta reduced its workforce by 21,000 employees, representing a quarter of its staff. Investors responded positively to these efforts, especially as the company’s core advertising business improved, thanks in part to substantial digital ad spending by Chinese-linked retailers like Temu and Shein.
Despite Meta’s continued heavy investments in virtual and augmented reality technologies, including the recent debut of its Orion AR glasses, investors have maintained confidence as long as the company’s ad revenue stays strong.