Meta founder, Mark Zuckerberg has crossed a mile stone to join Elon Musk, Jeff Bezos to have a networth of $200 billion.
Zuckerberg not only joins this elite group but stands out as the biggest gainer in 2024, adding a staggering $72.2 billion to his fortune, according to the Bloomberg Billionaires Index.
His total wealth now stands at $200 billion.
Nvidia CEO Jensen Huang has seen the second-largest increase in net worth this year, gaining $58 billion. Meanwhile, Musk maintains the top spot with a net worth of $265 billion, followed by Bezos with $216 billion.
This surge in Zuckerberg’s wealth places him ahead of other tech titans such as Oracle co-founder Larry Ellison and former Microsoft leaders Bill Gates and Steve Ballmer.
What to know
Zuckerberg attributed Meta’s success to its ability to outpace rivals in innovation. “If we can learn faster than every other company, we’re going to win,” he remarked in a recent podcast interview. “We’re going to build a better product because we’ll get it out first or early. You learn faster.”
While Zuckerberg’s official salary remains a symbolic $1, he is the largest shareholder in Meta, with ownership of approximately 345.5 million shares, according to the company’s April proxy statement. In addition, he received $24.4 million in “other compensation” this year, largely allocated for his personal security, a practice typical for high-profile CEOs.
In a filing with the SEC, Meta explained that “Mr. Zuckerberg’s role puts him in a unique position: He is synonymous with Meta, and as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg.”
Meta’s performance in 2024
Meta has performed exceptionally well in 2024, with its stock price up 60% since the beginning of the year, and 85% year-over-year. Shares traded at over $557 on Tuesday. Zuckerberg credits this surge to the company’s strategic focus on artificial intelligence (AI). “Meta AI is on track to be the most used AI assistant in the world by the end of the year,” he stated in July, as revenue for the second quarter rose 22% to $39.07 billion.
However, Meta’s focus on AI has come at a cost. Zuckerberg’s “Year of Efficiency,” announced in early 2023, has led to significant layoffs and cutbacks, including in the company’s augmented reality initiatives. “This decision is part of our larger efforts to prioritise products that will best serve the future needs of our consumers and business customers,” Meta noted in a statement.
