Mark Zuckerberg has become the youngest man in modern history to have a wealth valuation of more than $211 billion. He is currently the second richest individual on earth
Zuckerberg has amassed $206 billion in the latest bust of Bloomberg’s billionaire index. The 40-year-old American entrepreneur’s wealth this month crossed $200 billion market for the first time amid high buying pressure on Meta.
For the first time, he surpasses Frenchman Bernard Arnault ($193 billion) and Jeff Bezos ($209 billion). The only individual richer than him is Elon Must with a wealth valuation of $263 billion.
Most of 40-year-old Facebook founder Mark Zuckerberg’s income is derived from stock in Meta Platforms. In 2024, Meta’s (META) stock has increased by over 72%. Meta’s stock increased by 2.26% on Friday, closing at a record-breaking $595.94.
Meta is the parent company of Facebook, Instagram, Threads and also the well-known instant messaging service WhatsApp.
Meta hits record high
Meta’s stock has increased by over 68% since January and is trading close to the $600 price level. Market fundamentals highlighted a resurgence of faith in the business and the company’s artificial intelligence future. The tech giant now has a market valuation of $1.5 trillion.
Meta has continued to report quarterly profits after tripling its earnings in 2023, higher than anticipated by analysts. For the past year, the return on revenue growth has been more exciting to the stock market than the degree of profitability. Meta reported a 22% increase in quarterly revenue ($39 billion) in July. Meta has had a greater than 20% increase in quarterly sales for the fourth time in a row. unparalleled in the context of an established business.
Although generative AI is growing Meta’s revenue and its boss’s wealth, the company is becoming more and more reliant on Temu and Shein, two significant advertisers. According to JMP Securities, the two Chinese merchants that are currently vying for market share in Western countries—primarily the United States—spend $800 million a quarter on Facebook and Instagram advertisements alone. China-based advertisers currently account for 10% of Meta’s yearly revenue.
Advertising spending that many predict will not be sustainable in the long term. The clouds have not traveled very far, even though Meta and Zuckerberg have returned to the firmament.
At the Meta Connect 2024 event on September 25, Zuckerberg stated that Meta AI is expected to surpass all other assistants in terms of usage worldwide.
Referring to nations in the European Union, Zuckerberg remarked, “We’re almost at 500 million monthly (active users), and we haven’t even launched in some of the bigger countries yet.”
The tech mogul isn’t the only magnate to see a big jump in their fortune this year. In 2024, the net worths of Larry Ellison, the co-founder of Oracle, and Jensen Huang, the CEO of Nvidia, increased by $55.9 billion and $63.5 billion, respectively.