Mark Zuckerberg, the CEO of Meta, has officially joined the elite $200 billion club, marking a significant milestone in his financial journey.
According to Bloomberg's Billionaire Index, Mark Zuckerberg's net worth has surged to $201 billion, positioning him as the fourth-richest person globally, right behind Amazon founder Jeff Bezos, Tesla CEO Elon Musk, and LVMH Chairman Bernard Arnault.
As of now, Elon Musk retains the title of the world's richest individual with a staggering net worth of $272 billion, while Jeff Bezos follows closely with $211 billion and Bernard Arnault with $207 billion.
The majority of Zuckerberg’s wealth is attributed to his 13% stake in Meta, which he holds through approximately 345.5 million shares.
This year alone, Zuckerberg's fortune has skyrocketed by an impressive $73.4 billion, propelling him ahead of other tech titans such as Oracle co-founder Larry Ellison and former Microsoft CEOs Bill Gates and Steve Ballmer.
The increase in Zuckerberg's wealth can be traced back to a nearly 60% rise in Meta's stock price since January 2024, with shares reaching record highs of over $560 each.
The company’s robust valuation has attracted strong investor interest, trading at about 24 times its forward earnings—just below the Nasdaq 100’s average ratio of 26 times.
During the recent Meta Connect 2024 event, Zuckerberg highlighted the company's ambitious plans for its AI initiatives. He announced that Meta AI is on track to become the most widely used assistant globally, boasting nearly 500 million monthly active users.
"We haven't even launched in major markets like the European Union yet," he noted, indicating significant growth potential.Zuckerberg isn't alone in this wealth surge; other tech leaders have also seen substantial gains this year.
Nvidia CEO Jensen Huang and Oracle co-founder Larry Ellison have experienced increases in their net worths by $62.2 billion and $58.6 billion, respectively.
Zuckerberg's ascent to the $200 billion mark is particularly noteworthy given the challenges he faced in recent years.
After a tumultuous period where his metaverse investments initially appeared misguided—wiping out over $100 billion from his net worth in 2022—he has successfully navigated Meta through a transformative phase.
The introduction of innovative products like the Orion augmented reality glasses has helped pivot the company from being solely a social media platform to a contender in the metaverse space.
Source: India Today