Meta shares closed at a record high of $582.77 on Thursday.
Mark Zuckerberg, co-founder and CEO of social media company Meta (Facebook), has currently become the second richest person in the world. Zuckerberg has left Jeff Bezos behind. According to the Bloomberg Billionaires Index, on October 3, 2024, Zuckerberg’s net worth reached $206.2 billion. This tops the former Amazon CEO and chairman’s net worth of $205.1 billion. According to CNBC news, however, Mark Zuckerberg is about $ 50 billion behind Tesla chief Elon Musk, the world’s number one richest person.
Zuckerberg’s wealth increased by $78 billion
According to the news, Mark Zuckerberg has 13% stake in Meta. His total wealth has increased by $78 billion since the beginning of the year. That’s more than any member of the 500 richest people tracked by the Bloomberg index. Zuckerberg’s arrival at the second position on the index on Thursday indicates that this year, along with the enthusiasm of investors regarding the increasing profits of the social media giant, there has also been a great increase in his personal wealth.
Meta share price
According to the report, Meta shares closed at a record high of $582.77 on Thursday. This represents an increase of nearly 68% from early January when its shares were trading at $346.29. Wall Street has been consistently bullish on the meta all year. The company has consistently reported quarterly earnings that exceeded analysts’ estimates. Let us tell you, in July Meta had said that its second quarter sales had increased by 22% to $39.07 billion. This marks the fourth consecutive quarter of revenue growth exceeding 20%.
Great help from AI investment
The social media company cited its heavy artificial intelligence (AI) investments to help improve the performance of its online advertising platforms as one reason for its sales growth. According to CNBC, the company’s online advertising system suffered a major blow in 2021 when Apple introduced an iOS privacy update that weakened its ability to track users across the web. In February 2022, Meta had said that it would suffer a revenue loss of $10 billion due to the privacy change.
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