On the Meta Join developer convention, Mark Zuckerberg, head of the Fb group Meta, exhibits the prototype of pc glasses that may show digital objects in clear lenses.
Andrej Sokolow | Photograph Alliance | Getty Pictures
Meta CEO Mark Zuckerberg has surpassed Jeff Bezos because the second richest individual on the planet.
In keeping with the Bloomberg Billionaires Index, Zuckerberg’s internet value was $206.2 billion as of Thursday, exceeding the previous Amazon CEO and president’s $205.1 billion internet value. The Fb co-founder now trails Tesla chief Elon Musk with about $50 billion, the index exhibits.
Together with his 13% stake in Meta, Zuckerberg’s internet value has elevated by $78 billion because the begin of the yr, which is greater than any member of the five hundred richest folks the Bloomberg Index tracks. Meta shares closed at an all-time excessive of $582.77 on Thursday, up about 68% from early January when shares have been buying and selling at $346.29.
Zuckerberg’s rise to second on the index on Thursday underlines how his private wealth has grown alongside investor enthusiasm over the social media large’s rising earnings this yr.
Wall Avenue has persistently applauded Meta all through 2024, as the corporate has persistently reported quarterly earnings which have surpassed analyst estimates. In July, Meta stated second-quarter income grew 22% to $39.07 billion, marking the fourth straight quarter of income progress above 20%.
Meta has pointed to the truth that its heavy investments in synthetic intelligence are serving to to enhance the efficiency of its internet advertising platform as a purpose for the income progress. The corporate’s internet advertising system suffered a serious setback in 2021 when Apple launched an iOS privateness replace that weakened its potential to trace customers throughout the net. Meta stated in February 2022 that the privateness adjustments would price it $10 billion in income.
In late 2022, Zuckerberg carried out a serious cost-cutting plan that prolonged into the next yr and in the end resulted in 21,000 Meta workers dropping their jobs, or a couple of quarter of the corporate’s workforce.
Buyers responded favorably to Meta’s price cuts as the corporate’s internet advertising enterprise started to get well, boosted by large digital advert spending campaigns from China-affiliated retailers Temu and Shien.
As Meta has continued to spend billions of {dollars} on the digital and augmented actuality applied sciences wanted to help the futuristic idea of the metaverse, buyers have change into extra tolerant of the investments so long as the corporate’s core companies stay wholesome.
Final week, Meta debuted its Orion AR glasses, which obtained optimistic evaluations from the few individuals who examined the prototype.
Watch: CNBC evaluations Meta’s Orion AR glasses prototype
