Meta CEO Mark Zuckerberg has overtaken Jeff Bezos to become the second richest person in the world, according to the Bloomberg Billionaires Index. Zuckerberg's net worth has surged to $206.2 billion, surpassing the $205.1 billion fortune of the former Amazon CEO. The Facebook co-founder now trails only Tesla CEO Elon Musk, who remains the wealthiest individual with a nearly $50 billion lead.
Zuckerberg’s wealth has seen an extraordinary increase in 2024, climbing by $78 billion — more than any of the 500 billionaires tracked by the Bloomberg Index.
This growth has been driven by the performance of Meta, where Zuckerberg holds a 13 per cent stake. Meta's shares have surged nearly 70 per cent since the start of the year, fueled by rising investor enthusiasm and the company’s focus on artificial intelligence (AI) investments.
This remarkable turnaround comes after Meta’s challenging period in 2022 when the company laid off 21,000 employees as part of a significant cost-cutting initiative led by Zuckerberg. Investors now credit this strategy for the company's rebound.
Meta continues to invest heavily in virtual and augmented reality technologies, a move seen as a long-term bet. Despite these costly ventures, investor confidence remains strong, largely due to the ongoing success of Meta’s core advertising business.
Last week, the company launched its Orion AR glasses, which have received positive reviews, further bolstering market sentiment.
Zuckerberg has redirected Meta's focus toward AI innovations, driving a significant transformation within the company. Meta has made substantial investments in cutting-edge data centers and breakthrough technologies, positioning itself as a frontrunner in the global AI competition. Its AI assistant, Meta AI, is on track to become the most widely used tool in the space, with nearly 500 million monthly active users projected.
Further fueling Meta's progress is its expansion into augmented reality, highlighted by the recent launch of its Orion AR glasses.