Mark Zuckerberg overtakes Jeff Bezos to become world’s second-richest man

• Published On: 04 October 2024 at 19:40

Mark Zuckerberg recently surpassed Jeff Bezos to become the world's second-richest person, according to the Bloomberg Billionaires Index 2024.

Zuckerberg's net worth is now approximately $206.2 billion, while Bezos' is around $205.1 billion.

However, he is still behind Tesla CEO Elon Musk by about $50 billion.

This shift reflects the ever-changing market dynamics of the technology industry.

Meta's stock rose nearly 70% in 2024, boosted by Zuckerberg's growing personal wealth and renewed investor confidence.

This rebound comes after Zuckerberg laid off 21,000 employees in late 2022 as part of his cost-cutting strategy, which was critical to the company's recovery.

Despite significant investments in virtual and augmented reality, investor confidence in Meta remains high, particularly as the company's core advertising business grows.

Zuckerberg, 40, has risen four places on the wealth index this year. Meta continues to make significant investments in data centres and computing power in order to maintain its AI industry leadership.

The company's recent launch of its Orion augmented reality glasses demonstrates its commitment to advancing augmented reality, with millions of dollars allocated to AI and AR initiatives.

Zuckerberg previously articulated a vision for Meta's long-term future, with the goal of leaving a century-long legacy.

He envisions Meta as a technology company that will be relevant in 20 to 30 years, with a focus on developing the underlying technology platform.

He hopes that in the future, people will recognise the company for its bold initiatives that have propelled the industry forward, emphasising a commitment to innovation and long-term success.