Mark Zuckerberg’s strategic pivot towards the metaverse and rebranding Facebook to Meta is proving to be a success. After initial skepticism and significant financial losses, Zuckerberg’s fortune has reached an astonishing $201 billion, marking a sixfold increase in less than two years.
When Zuckerberg first introduced the idea of the metaverse and renamed Facebook, he faced harsh criticism and saw his wealth plummet by $100 billion. However, with the launch of the AR Orion augmented reality glasses, Meta’s stock has soared to record highs. This surge has significantly boosted Zuckerberg’s wealth, pushing it past $200 billion for the first time, erasing the financial decline of 2022.
Currently, Zuckerberg is the world’s fourth-richest person, trailing only Elon Musk, Jeff Bezos, and Bernard Arnault.
The Most Successful Billionaire of 2024
Although many billionaires have seen their fortunes grow in 2024, none have experienced the remarkable success of Mark Zuckerberg. For instance, Jensen Huang, CEO of Nvidia, doubled his wealth to $106.2 billion, but this pales in comparison to Zuckerberg, whose net worth grew by $73.4 billion this year, largely due to a 60% increase in Meta’s stock value.
As of September 25, 2024, Meta’s stock hit a record high. This is a stark contrast to 2022, a year marked by challenges for Zuckerberg. Facebook was struggling to compete with TikTok, and Meta’s heavy investment in the metaverse initially failed to deliver expected results. Scandals and lawsuits further tarnished Facebook’s image, with Zuckerberg’s wealth dipping to $35 billion.
However, since then, Meta has made significant moves to improve efficiency, including cutting 25% of its global workforce. The company also bought back $50 billion in shares and issued dividends for the first time. These efforts, combined with Meta’s renewed focus on artificial intelligence (AI) and the metaverse, have restored investor confidence in Zuckerberg’s vision.
On the Brink of Overtaking Elon Musk
Zuckerberg could potentially surpass Elon Musk and Jeff Bezos to become the world’s richest person by 2024. While Zuckerberg’s wealth has surged by $73.4 billion this year, Musk’s has increased by only $19 billion, and Bezos’ by $25 billion.
At the start of 2024, Zuckerberg ranked sixth in wealth but is now vying for third place with Arnault. If Meta’s stock continues to rise, while Tesla and Amazon experience even slight downturns, Zuckerberg could achieve what was once unimaginable: becoming the world’s richest person.
Zuckerberg, at just 40 years old, has more time than his older counterparts, Musk (53) and Bezos (60), to grow his wealth. Investors are optimistic about Zuckerberg’s future, especially as he tightens spending on the metaverse and refocuses on AI and other key technologies.
