Mark Zuckerberg Becomes World’s Second-Richest Person

Mark Zuckerberg Overtakes Jeff Bezos as World’s Second-Richest Person

The dramatic rise in Mark Zuckerberg’s fortune has been driven by a 23% increase in Meta’s stock price, following better-than-expected Q2 results.

Mark Zuckerberg, CEO of Meta Platforms, has surpassed Amazon founder Jeff Bezos to become the second-richest person in the world, marking a significant milestone in his financial journey.

Zuckerberg’s net worth surged to $206.2 billion, powered by Meta’s stellar performance and investor confidence in the company’s bold push into artificial intelligence (AI) and augmented reality (AR).

This rise was driven by a 23% jump in Meta’s stock price since the company’s better-than-expected Q2 earnings report. Shares of Meta recently reached a record high of $582.77, as investors embraced Zuckerberg’s pivot from the metaverse to AI.

This stock surge placed Zuckerberg $1.1 billion ahead of Bezos, whose net worth now stands at $205.1 billion, according to Bloomberg’s Billionaires Index.

Zuckerberg’s ascent to second place follows a turbulent few years.

His heavy investments in the metaverse initially wiped out over $100 billion from his net worth in 2022, raising questions about Meta’s long-term strategy.

However, Zuckerberg has since engineered a remarkable turnaround, refocusing Meta on AI innovations. The company is investing heavily in data centers and cutting-edge technologies, aiming to lead the global AI race.

Meta’s flagship AI assistant, Meta AI, is expected to become the world’s most widely used, boasting nearly 500 million monthly active users.

Adding to the momentum is Meta’s foray into AR, with the launch of projects like Orion augmented reality glasses, introduced last month.

These developments position Meta as a key player in both the metaverse and AI industries, far beyond its origins as a social media platform.

Zuckerberg’s wealth, which has grown by $78 billion this year alone, largely stems from his 13% stake in Meta, amounting to approximately 345.5 million shares.

This rapid rise has also seen Zuckerberg leapfrog other tech titans like Oracle’s Larry Ellison and former Microsoft CEOs Bill Gates and Steve Ballmer.

While Zuckerberg now enjoys his new rank, the top spot remains elusive for the time being—Tesla’s Elon Musk still holds the title of the world’s richest person, with a staggering net worth of $256.2 billion.

Zuckerberg’s entry into the ultra-exclusive $200 billion club underscores Meta’s resurgence in the eyes of investors.

The company is currently trading at 24 times its forward earnings, just below the Nasdaq 100 average, reflecting strong market confidence in its future.

With AI and AR advancements in full swing, Zuckerberg may now have his sights set on catching up to Musk in the race for the title of the world’s wealthiest person.

Aakhir Tak Editor-in-Chief

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