Mark Zuckerberg Surpasses Jeff Bezos as World's Second-Richest Person Amid Meta's AI Push

Zuckerberg passes Bezos to become world's second-richest billionaire

Zuckerberg's fortune grew by $78.1 billion in 2024, which enabled him to pass Bezos and Bernard Arnault, who have fortunes valued at $209 billion and $193 billion, respectively, according to the Bloomberg Billionaires Index. The growth in value of Meta shares, which increased in value by 72% this year and closed at an all-time high of $595.94 on Friday, grew Zuckerberg's fortune. Meta owns and operates the Facebook, Instagram and Threads social media platforms and the mobile messaging app WhatsApp. Zuckerberg on Sept. 25 said a more recent Meta AI venture likely will become the world's most-used artificial intelligence platform and currently has about 500 million monthly users. He said an anticipated launch in the European Union should make it the world's most used AI platform. Tesla and SpaceX founder Elon Musk remains the world's wealthiest individual with a fortune valued at $263 billion, which is up some$33.8 billion from a year ago. Musk, Zuckerberg and Bezos are the only individuals with fortunes exceeding $200 billion. Oracle founder Larry Ellison rounds out the top-five wealthiest individuals with a fortune totaling $183 billion, which is up $59.6 billion from a year ago.

Zuckerberg passes Bezos to become world's second-richest person

Mark Zuckerberg became the world's second-richest person for the first time Thursday, jumping ahead of Jeff Bezos as shares of Meta Platforms Inc. continue to climb. Zuckerberg's bet on the metaverse -- which initially looked like a huge bust -- has paid off in recent months, pushing his net worth to a high-water mark of $206.2 billion, according to the Bloomberg Billionaires Index. That puts him $1.1 billion ahead of Amazon.com Inc.'s Bezos and almost $50 billion behind Tesla Inc.'s Elon Musk. Meta shares have risen 23% since reporting better-than-expected sales in the second quarter and touting its push into the type of large language models that power AI chatbots. The stock closed Thursday at all-time high of $582.77. Meta has spent heavily on data centers and computing power as Zuckerberg works to build a leading position in the industry-wide AI race. The company has also moved ahead with other long-term projects, including its Orion augmented reality glasses, which the company introduced last month. Zuckerberg, who owns a 13% stake in the Menlo Park, California-based company, has seen his fortune grow $78 billion so far this year, the most of any of the world's 500 richest people tracked by the Bloomberg index. The 40-year-old co-founder and chief executive officer has gained four spots this year on the wealth index.

Zuckerberg passes Bezos to become world's second-richest person

Mark Zuckerberg became the world's second-richest person for the first time Thursday, jumping ahead of Jeff Bezos as shares of Meta Platforms continue to climb. Zuckerberg's bet on the metaverse -- which initially looked like a huge bust -- has paid off in recent months, pushing his net worth to a high-water mark of $206.2 billion, according to the Bloomberg Billionaires Index. That puts him $1.1 billion ahead of Amazon.com's Bezos and almost $50 billion behind Tesla's Elon Musk. Meta shares have risen 23% since reporting better-than-expected sales in the second quarter and touting its push into the type of large language models that power AI chatbots. The stock closed Thursday at all-time high of $582.77. Meta has spent heavily on data centers and computing power as Zuckerberg works to build a leading position in the industrywide AI race. The company has also moved ahead with other long-term projects, including its Orion augmented reality glasses, which the company introduced last month. Zuckerberg, who owns a 13% stake in the Menlo Park, California-based company, has seen his fortune grow $78 billion so far this year, the most of any of the world's 500 richest people tracked by the Bloomberg index. The 40-year-old co-founder and chief executive officer has gained four spots this year on the wealth index.

Mark Zuckerberg overtakes Jeff Bezos as world's second-richest person as Meta shares hit all-time high

Serving tech enthusiasts for over 25 years. TechSpot means tech analysis and advice you can trust. What just happened? Mark Zuckerberg has achieved a lot during his long career in the tech industry, but yesterday saw the Meta CEO achieve another first: he is now the second richest person in the world, having passed Jeff Bezos after his total net worth reached $206 billion. Things weren't looking rosy for Meta in 2022 as it suffered a downturn following the pandemic boom period. For the first time since its inception 17 years ago, the number of global daily Facebook users declined as the company's shares fell 24%, wiping $200 billion off its market value. But Meta's shares have skyrocketed since then, climbing from $90 in November 2022 to $582.77 today. The price has increased over 64% during the year-to-date period alone. Meta's success has seen Zuckerberg's fortune climb to $206 billion - he has a 13% stake in the company - putting him ahead of third-place Bezos by $1 billion, though the Meta boss is still $50 billion behind leader Elon Musk. One area of the Bloomberg Billionaires Index where Zuckerberg does lead is the year-to-date change. His wealth has increased an enormous $78.1 billion this year, almost $15 billion more than second-place Jensen Huang, whose fortune has jumped $63.5 billion on the back of Nvidia providing the majority of the advanced AI hardware being used today. As is sadly so often the case, Meta's turnaround was prompted by a streamlining process that saw 21,000 people let go from the firm. Investors welcomed the cost-cutting move, sending the stock in the right direction. Meta has reported better-than-expected sales this year, and is pushing hard into the generative AI field with its own Large Language Models and chatbots - the sort of stuff that investors love, even if most of the public isn't as enthusiastic. Meta's stock has reached an all-time high following Meta Connect 2024, which had huge focus on artificial intelligence. The company also revealed several new tech products, including a pair of AR smart glasses capable of projecting holograms directly into a user's field of vision. Jensen Huang called the Project Orion glasses "a big deal."

Mark Zuckerberg's 'Year of Efficiency' Propelled Him to World's Second Richest Man

This follows Meta's "Year of Efficiency," which included laying off 21,000 employees. Meta CEO Mark Zuckerberg is now the second richest man in the world according to the Bloomberg Billionaires Index, overtaking Amazon's Jeff Bezos. Zuckerberg's ascent to the world's second-richest person can largely be attributed to Meta's "Year of Efficiency," a term coined to describe the company's strategic overhaul in 2023. This included a strategic refocus on AI and layoffs across the global tech company. Elon Musk, Mark Zuckerberg, Jeff Bezos Meta's stock has increased significantly over the past year from its November 2022 low, reflecting the broader AI-driven market boom and solidifying Zuckerberg's position in the ultra-wealthy echelon, just behind Elon Musk and ahead of Jeff Bezos. Elon Musk and Zuckerberg have capitalized on the AI boom of the last few years, pivoting their business models to focus on AI-driven products. The increase in the BigTech CEO's net worth coincides with global tech layoffs. Since the end of 2023, Tesla has cut 14% of its global headcount, with an estimated 19,600 workers losing their jobs. This forms part of a broader wave of tech layoffs that have taken place in 2023 and 2024. Cisco, Intel, and Dell announced major restructuring plans in August 2024. Meta's decision to lay off 21,000 employees was defended by Zuckerberg, referring to the strategic decision to refocus the business model and cut costs across different areas of the company as Meta's "Year of Efficiency." Meta's "Year of Efficiency" In 2022, Meta faced declining daily Facebook users and a huge $200 billion loss in market value. In response, Zuckerberg announced Meta's "Year of Efficiency," making tough decisions like laying off 21,000 employees and refocusing the company on AI. On March 14, 2024, the company shared an update with their employees: "Over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates." Although considered an aggressive move, it nonetheless sent a clear message to investors: Meta was serious about getting leaner and more focused. In addition to layoffs, Meta's move into AI appears to have reassured investors that Meta was focused on their future strategy. Moving Away From Metaverse Microsoft recently announced it will discontinue its HoloLens mixed reality headsets as the company shifts its focus to AI. Once touted as a key focus, the metaverse has now also very much been sidelined by Meta. The move comes as BigTech companies shift resources to more profitable areas. With investors continuing to pour billions into companies such as Nvidia, Meta's pivot to focus on the AI sector has become one of its greatest advantages. In particular, AI's potential to drive engagement on Meta's social media platforms and fuel its advertising algorithms has contributed to the bullish outlook on Meta shares.