In a monumental shift within the world of billionaires, Meta CEO Mark Zuckerberg has overtaken Amazon founder Jeff Bezos to claim the title of the world’s second-richest person. According to the latest Bloomberg Billionaires Index, Zuckerberg's net worth reached an impressive $206.2 billion in 2024, surpassing Bezos' $205.1 billion.
This leap places Zuckerberg just behind Tesla and SpaceX CEO Elon Musk, who holds the top spot with a net worth of approximately $50 billion more than Zuckerberg.
Zuckerberg’s wealth surged by $78 billion in 2024, more than any other individual tracked by Bloomberg's index of the world's 500 wealthiest people. This staggering increase has been largely fueled by Meta's extraordinary performance in the stock market, where its shares have soared by nearly 70% since the beginning of the year.
“Mark Zuckerberg has seen his fortune grow $78 billion so far this year, making him one of the biggest gainers of 2024,” Bloomberg reported. The Meta founder, who owns a 13% stake in the Menlo Park-based company, also climbed four spots in the billionaire rankings over the course of the year.
The remarkable rise in Zuckerberg’s wealth comes as Meta has turned around its fortunes in 2024, thanks to key strategic decisions and strong performance in its core ad business. Investors have been particularly enthusiastic about Meta’s heavy investments in artificial intelligence (AI), which have contributed to significant revenue growth.
“Meta has repeatedly boasted of its artificial intelligence (AI) investments as a reason for its sales growth,” a market analyst noted. These advancements in AI, along with innovations in virtual and augmented reality, have put Meta in a prime position to capitalize on future technologies.
Meta’s success in 2024 is especially notable after the company experienced a turbulent period in 2022, which saw the layoff of 21,000 employees as part of Zuckerberg’s cost-cutting measures. “This is a huge turnaround for the company,” said one financial expert, referring to how those tough decisions helped streamline operations and regain investor confidence.
Meta’s recent debut of its Orion AR glasses has further bolstered investor sentiment, with early reviews praising the product's innovative features. Even as the company spends billions of dollars on virtual and augmented reality technologies, its core advertising business remains robust, reassuring investors that the company's primary revenue streams are intact.
“At present, Meta is spending billions on virtual and augmented reality, but investors continue to support the company whose core ad business remains healthy,” Bloomberg stated. The launch of new products like the AR glasses highlights Meta's ongoing commitment to innovation, ensuring that it remains a major player in the tech industry.
As 2024 progresses, all eyes will remain on Meta and Mark Zuckerberg, who has managed to not only rebound from previous setbacks but also climb to unprecedented financial heights. Whether this momentum continues will depend on how well the company can sustain its growth and adapt to the rapidly changing tech landscape.
Top 5 Richest People in the World (2024, per Bloomberg Billionaires Index):
1. Elon Musk – $256 billion
2. Mark Zuckerberg – $206.2 billion
3. Jeff Bezos – $205.1 billion
4. Bernard Arnault – $203 billion
5. Warren Buffett – $121.7 billion
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
