Elon Musk continues to hold the title of the world’s wealthiest individual with a net worth of $265 billion, followed by Jeff Bezos at $216 billion. Mark Zuckerberg’s swift rise in wealth is primarily driven by his 13 percent stake in Meta, the parent company of Facebook, Instagram, and WhatsApp. According to Meta’s July 2024 filing, the company generated $134.9 billion in revenue in 2023, catering to approximately four billion monthly users worldwide.
In 2024 alone, Zuckerberg’s fortune soared by $71.8 billion, surpassing tech heavyweights like Oracle co-founder Larry Ellison and former Microsoft CEOs Bill Gates and Steve Ballmer. His 345.5 million shares in Meta have been the cornerstone of this surge, with Meta’s stock price skyrocketing by nearly 60 per cent since January, breaking record highs of over $560 per share.
Investors have flocked to Meta, attracted by the company’s growth, which trades at about 24 times forward earnings, slightly below the Nasdaq 100’s 26-times ratio. Meta’s valuation has spurred strong demand in the market, pushing Zuckerberg to new financial heights.
At the Meta Connect 2024 event, Zuckerberg highlighted Meta AI’s success, revealing that it is on course to become the most widely used AI assistant globally. “We’re nearing 500 million monthly active users, and we haven’t even launched in some of the major markets like those in the European Union,” Zuckerberg said.
Zuckerberg’s rise is part of a broader trend among tech leaders in 2024. Nvidia CEO Jensen Huang and Oracle’s Larry Ellison have also seen significant wealth gains this year, increasing their net worth by $62.2 billion and $58.6 billion, respectively, signalling a strong year for the tech sector.
First Published: Sep 30 2024 | 3:23 PM IST
