Mark Zuckerberg overtakes Jeff Bezos as world's second-richest person

The dramatic rise in Mark Zuckerberg's fortune has been fuelled by a 23% increase in Meta's stock price since its better-than-expected Q2 results.

In Short

• Mark Zuckerberg surpasses Jeff Bezos to become world’s second-richest person
• Meta stock surge boosts Zuckerberg’s wealth to $206.2 billion
• Zuckerberg's wealth grows by $78 billion in 2024 alone

Mark Zuckerberg, CEO of Meta Platforms, has surpassed Amazon founder Jeff Bezos to become the second-richest person in the world, marking a remarkable comeback in his financial journey.

Zuckerberg's net worth soared to $206.2 billion, propelled by Meta's stellar performance and strong investor confidence in the company's ambitious push into artificial intelligence (AI) and augmented reality (AR).

The dramatic rise in Zuckerberg's fortune has been fuelled by a 23% increase in Meta’s stock price since its better-than-expected Q2 results.

Shares of the tech giant recently hit an all-time high of $582.77, as investors rallied behind Zuckerberg’s pivot from the metaverse—a bet that initially seemed disastrous—to AI.

The stock surge helped push Zuckerberg $1.1 billion ahead of Bezos, who now has a net worth of $205.1 billion, according to Bloomberg’s Billionaires Index.

Zuckerberg’s rise to the second spot comes after a rollercoaster few years.

His initial heavy investments in the metaverse wiped out over $100 billion from his net worth in 2022, casting doubts over Meta’s long-term strategy.

However, Zuckerberg has since orchestrated a remarkable turnaround, refocusing Meta on AI innovations. The company has been investing heavily in data centers and cutting-edge technologies, aiming to become a leader in the global AI race.

Its flagship AI assistant, Meta AI, is expected to become the world’s most widely used, with nearly 500 million monthly active users.

Adding to the company’s forward momentum is Meta's venture into AR with projects like the Orion augmented reality glasses, which were introduced last month.

These efforts are positioning Meta as a key player in both the metaverse and AI spaces, far beyond its origins as a social media platform.

Zuckerberg’s wealth, which has grown by $78 billion so far this year, comes largely from his 13% stake in Meta, which is valued at approximately 345.5 million shares.

His rapid ascent has also seen him leapfrog other tech titans like Oracle’s Larry Ellison and former Microsoft CEOs Bill Gates and Steve Ballmer.

While Zuckerberg enjoys his new rank, the top spot remains out of reach for now—Tesla’s Elon Musk still holds the crown as the world’s richest person, with a staggering net worth of $256.2 billion.

Zuckerberg’s climb into the ultra-exclusive $200 billion club highlights Meta’s resurgence in the eyes of investors.

The company is currently trading at 24 times its forward earnings, just under the Nasdaq 100 average, reflecting strong market confidence in its future.

With AI and AR developments in full swing, Zuckerberg’s sights may now be set on catching up to Musk in the race for the world’s wealthiest title.