Mark Zuckerberg has ascended to become the world’s second-richest person, surpassing Jeff Bezos according to the Bloomberg Billionaires Index. On Thursday, Zuckerberg’s net worth reached an impressive $206.2 billion, eclipsing Bezos’ $205.1 billion fortune. This milestone highlights the rapid growth of Zuckerberg’s wealth, fueled by burgeoning investor enthusiasm over Meta’s soaring profits this year.
Meta shares closed at a record high on Thursday, reaching $582.77, a significant 68% increase from early January when shares were trading at $346.29. This surge in share value has significantly contributed to Zuckerberg’s wealth, given his 13% stake in the company. Since the beginning of the year, Zuckerberg’s net worth has skyrocketed by $78 billion, more than any other individual tracked by the Bloomberg Index.
The remarkable growth of Meta’s earnings has played a crucial role in boosting Zuckerberg’s wealth. The company’s second-quarter sales grew by 22% to $39.07 billion, marking the fourth consecutive quarter of revenue growth exceeding 20%. A substantial portion of this growth can be attributed to improvements in Meta’s online advertising platform, driven by significant investments in artificial intelligence.
Meta’s advertising business has experienced a resurgence, aided by substantial digital ad spending from Chinese-linked retailers Temu and Shein. Additionally, the company’s strategic cost-cutting measures have been instrumental in its financial success. Initiated in late 2022, these efforts extended into the following year and resulted in the reduction of 21,000 jobs within Meta.
Wall Street has consistently expressed confidence in Meta throughout the year, as the company repeatedly exceeded analyst expectations with its quarterly earnings reports. Further enhancing its reputation, Meta recently introduced its Orion AR glasses, which have received favorable reviews from early testers of the prototype.
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