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The "battle" of billionaires, Mark Zuckerberg dethrones Jeff Bezos

2024-10-05 09:12:17Lifestyle SHKRUAR NGA REDAKSIA VOX

The "battle" of billionaires, Mark Zuckerberg dethrones Jeff Bezos

Zuckerberg's net worth reached $206.2 billion on Thursday, according to the Bloomberg Billionaires Index, surpassing the $205.1 billion net worth of the former Amazon CEO and president. The Facebook co-founder now trails Tesla chief Elon Musk by about $50 billion, the index showed.

With his 13% stake in Meta, Zuckerberg's net worth has grown by $78 billion since the start of the year, more than any member of the 500 richest people tracked by the Bloomberg Index. Shares of Meta closed at a record high on Thursday at $582.77, representing an increase of about 68% from early January when its shares were trading at $346.29.

Zuckerberg's rise to second place on the index on Thursday underscores how his personal wealth has grown alongside investor enthusiasm over the social media giant's rising earnings this year.

Wall Street has consistently cheered Meta throughout 2024, as the company has consistently reported quarterly earnings that beat analysts' estimates. In July, Meta said its second-quarter sales rose 22% to $39.07 billion, marking its fourth consecutive quarter of 20% revenue growth.

Meta has pointed to its large investments in artificial intelligence as a reason for its sales growth by helping to improve the performance of its online advertising platform. The company's online advertising system suffered a major setback in 2021 when Apple introduced an iOS privacy update that weakened its ability to track users across the web. Meta in February 2022 said privacy changes would cost it $10 billion in revenue.

In late 2022, Zuckerberg created a major cost-cutting plan that stretched into the next year and ultimately resulted in 21,000 Meta employees losing their jobs, or roughly a quarter of the company's workforce.

Investors reacted favorably to Meta's cost-cutting, while the company's online advertising business began to recover and was boosted by massive digital ad spending campaigns from China-linked retailers Temu and Shien.

While Meta has continued to spend billions of dollars on the virtual and augmented reality technologies needed to support the futuristic concept of the metaverse, investors have become more tolerant of investments as long as the company's core advertising business remains healthy. Last week, Meta debuted its Orion AR glasses, which received positive reviews from the few people who tested the prototype.


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