According to the Bloomberg Billionaires Index, Mark Zuckerberg's net worth has reached $206.2 billion, surpassing Jeff Bezos, who stands at $205.1 billion. Zuckerberg is now trailing Elon Musk by approximately $50 billion. A significant portion of Zuckerberg's wealth comes from his 13% stake in Meta Platforms (META, Financial).
Since January, Zuckerberg's net worth has increased by $78 billion, marking the largest gain among the 500 wealthiest individuals on the Bloomberg index. A key factor in this substantial increase is Meta's stock, which closed at a record high of $587.22. This represents an approximate 68% rise from its price of $346.29 at the beginning of the year.
Meta's strong performance, often exceeding Wall Street analysts' expectations, has played a crucial role in the company's growth. For example, in the second quarter of 2024, Meta reported a 22% increase in sales, reaching $39.07 billion. This marked the fourth consecutive quarter where the company's revenue growth exceeded 20%.
The company's success is largely attributed to significant investments in artificial intelligence, which have enhanced its online advertising capabilities. However, Meta previously faced challenges when an iOS update from Apple impacted its ability to track user internet activities, resulting in a $10 billion revenue loss.
Positive online advertising campaigns from Shein and Temu have also contributed to the increase in Meta's advertising revenue.
