Mark Zuckerberg finally beat Jeff Bezos to become the second richest person in the world, with a net worth of $206.2 billion as of October 4, 2024. This represents a huge increase in wealth, mainly due to Meta’s stock’s staggering 70% surge on October 70, 2024. The year itself was a testament to the huge investor confidence and the strong performance of its core business – advertising.
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Main highlights
- Net Worth Comparison: Zuckerberg’s net worth is currently nearly $1.1 billion higher than Bezos’ net worth of $205.1 billion
- Year-to-date growth: The billionaire’s wealth has grown by a staggering $78 billion through 2024, making him the biggest gainer among the world’s 500 richest people tracked by Bloomberg.
- Meta shares hit an all-time high, closing at $582.77 since the start of the year, when shares were around $346.
- Strategic Investments: This growth is due to Meta’s strategic investments in artificial intelligence and augmented reality, such as the newly launched Orion AR glasses, which are being hailed as a success for some early adopters.
Current wealth ranking (top 3)
|
rank |
Name |
net worth |
|
1 |
Elon Musk |
$256 billion |
|
2 |
Mark Zuckerberg |
$206.2 billion |
|
3 |
Jeff Bezos |
$205.1 billion |
Meta Platforms has made a series of strategic efforts, most of which are aimed at boosting its stock price in 2024 so that Mark Zuckerberg’s net worth surpasses that of Jeff Bezos. Key strategic efforts include:
- Invest heavily in artificial intelligence
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Meta has invested approximately $70 billion in artificial intelligence technology over the past few years. It’s a huge investment that has already gone some way to helping restore lost ad targeting capabilities, which will become more urgent in late 2022 thanks to Apple’s App Tracking Transparency updates. These AI developments have also enhanced the advertising business and made Meta a leader in the AI market, with revenue growing more than 20% annually.
- Solid earnings results
Meta announced its quarterly profit results, with revenue rising 22% to $39.07 billion and net profit rising significantly 73% to $13.47 billion. Those results beat all Wall Street expectations, rising more than 20% for the fourth consecutive quarter, which boosted investor confidence to 25.
- through a stock buyback program
Meta recently announced a massive $50 billion stock buyback program, which will actively help the stock price as these numbers will reduce shares outstanding and boost earnings per share. Both decisions were met with positive sentiment from investors, sparking bullish sentiment towards their stocks.
- dividend declaration
This is the first time Meta has announced a quarterly dividend since it went public in 2012, which will bring huge returns to shareholders and increase investor interest.
- Long-term project focus
The company continues to invest in long-term initiatives, such as augmented reality with the launch of Orion AR glasses. This is in line with market trends and investor interests, further affirming Meta’s leadership position as a forward-looking technology leader5.
- positive market sentiment
Although the company has faced harsh criticism on many social issues, investors remain positive as Meta has been reporting strong earnings and strategic moves. Overall, market sentiment is positive and Meta’s prospects are trending upward.
All of these strategies not only lifted Meta stock to new heights, but also demonstrated its competitive advantage in the technology industry, thereby signaling the company’s comeback from the challenges it faced previously.
Zuckerberg’s rise in the billionaire rankings reflects a significant shift at Meta, especially after a challenging period of significant layoffs and falling stock prices in previous years. His leadership and focus on innovation have positioned Meta well within the technology industry, allowing it to regain investor trust and market value.
Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion