Mark Zuckerberg has emerged as 2024’s most significant wealth gainer, surpassing Nvidia’s Jensen Huang after a tumultuous week in the markets.
The Meta CEO’s personal fortune has soared by $54 billion this year, marking a 40% rise to $182 billion, according to the Bloomberg Billionaires Index. This remarkable growth propels Zuckerberg into the fourth spot on the global rich list, now within $7 billion of LVMH’s Bernard Arnault, who occupies third place.
Until recently, Jensen Huang, the co-founder and CEO of Nvidia, had been leading in year-to-date wealth gains, driven by the explosive rise of Nvidia’s stock amid the artificial intelligence (AI) boom, Business Insider first reported.
However, a sharp decline in Nvidia’s stock price this week wiped out $11.5 billion of Huang’s wealth, narrowing his gains for the year to $44 billion. Despite this, Huang’s fortune still stands at an impressive $93 billion, though he now trails Zuckerberg as the year’s top wealth accumulator.
What to know
Zuckerberg’s dramatic rise in wealth mirrors the revival of Meta, the social media conglomerate that owns Facebook, Instagram, WhatsApp, and Threads.
Under his leadership, Meta has made aggressive investments in AI, virtual reality, and the metaverse—strategies that initially unsettled investors. Meta’s stock suffered a steep 75% drop between September 2021 and November 2022, as skepticism grew over the company’s spending on these ambitious ventures.
Yet, 2023 and 2024 show a different direction. The global AI boom, coupled with signs of tighter fiscal discipline within Meta, has fueled a resuscitation of investor confidence.
Shares of Meta have surged more than fivefold from their 2022 lows, recently trading at record highs above $500. This meteoric rise has catapulted the company’s valuation to an astonishing $1.3 trillion, elevating the value of Zuckerberg’s roughly 13% stake in Meta.
Zuckerberg’s wealth stood at a modest $35 billion in November 2022, a stark contrast to today’s figure of over $182 billion. His resurgence can be largely attributed to the broader market’s renewed interest in AI and next-generation technologies, where Meta has positioned itself as a potential leader. Investors are increasingly viewing Meta as a key player in the future of technology, communication, and entertainment.
While Nvidia remains a dominant force in the AI and semiconductor sectors, Huang’s recent setbacks underscore the volatility of tech investments. The recent correction in Nvidia’s stock, despite the company’s strong fundamentals, has cost Huang his lead in wealth gains this year, ceding the title to Zuckerberg.
As the global tech landscape continues to shift, Zuckerberg’s extraordinary year highlights the rewards of aligning a company’s fortunes with AI and emerging technologies. With his fortune now closing in on the world’s wealthiest figures, Zuckerberg’s bet on the future seems to be paying off handsomely.