Mark Zuckerberg Overtakes Jeff Bezos as World’s Second-Richest Person

October 04, 2024 11:17 AM AEST | By Team Kalkine Media

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Mark Zuckerberg Overtakes Jeff Bezos as World’s Second-Richest Person — Image source: shutterstock

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Highlights

Zuckerberg becomes the world's second-richest person, overtaking Bezos.

Meta's stock surge contributes to Zuckerberg's growing fortune.

Zuckerberg's wealth boosted by AI investments and metaverse projects.

Mark Zuckerberg, the co-founder and CEO of Meta Platforms (NASDAQ:META), has become the world's second-richest person, surpassing Amazon's Jeff Bezos. This milestone was reached as Meta's shares continue to climb, fueled by strong financial performance and investments in artificial intelligence (AI) and the metaverse.

Zuckerberg’s net worth reached a staggering $US206.2 billion ($301.4 billion), placing him $US1.1 billion ahead of Bezos, according to the Bloomberg Billionaires Index. Although Zuckerberg is still behind Tesla's Elon Musk, his recent wealth surge has narrowed the gap.

The key driver behind Zuckerberg’s rise has been Meta’s stock performance. The company's shares have risen 23% since reporting better-than-expected second-quarter sales, with the stock closing at an all-time high of $US582.77 on Thursday in New York. Meta’s focus on AI, particularly large language models that support AI chatbots, has been a major factor in boosting investor confidence.

Meta has also been heavily investing in data centers and computing infrastructure, positioning itself as a leader in the AI race. In addition to AI advancements, the company has been pushing forward with long-term projects like its Orion augmented reality (AR) glasses, introduced last month, signaling its commitment to the future of immersive technology.

Zuckerberg’s fortune has grown by $US78 billion this year alone, the largest increase among the world’s 500 wealthiest people tracked by Bloomberg. The 40-year-old entrepreneur, who holds a 13% stake in Meta, has climbed four spots on the wealth index in 2023, showcasing the massive financial gains driven by Meta's recent success and technological investments.

While Zuckerberg’s bet on the metaverse initially faced skepticism, his vision for the future has started to pay off as Meta’s strategic focus on AI and emerging technologies has positioned the company for long-term growth. With continued investments in AI and virtual reality, Zuckerberg's wealth could rise even further as Meta cements its place in the tech landscape.

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