Since the 2021–2022 criticism era, Mark Zuckerberg’s money has multiplied fivefold, and he is expected to become the richest person on the earth this year. For this, the world owes him an apology.
USD 51 billion
According to Business Insider (BI), Mark Zuckerberg may become the world’s richest billionaire in 2024, surpassing Jeff Bezos and Elon Musk for the first time in history.
According to data from Bloomberg Billionaires Index, the head of Meta (Facebook) has raised his total assets by 51 billion USD since the start of the year, to reach 179 billion USD.
In the meantime, Jeff Bezos’s wealth has grown by 25 billion USD, whereas Elon Musk’s has only climbed by 19 billion USD.
On the list of the richest people in the world, Mark Zuckerberg is now behind Elon Musk ($248 billion), Jeff Bezos ($202 billion), and Bernard Arnault ($180 billion).
The Facebook creator, who was only placed sixth at the start of 2024, is now in competition with Arnault for third place, demonstrating a significant increase in assets in 2024.
BI claims that even if they are currently behind Jeff Bezos and Elon Musk, they can be swiftly leveled because of the rise in technology stock values.
In early January of this year, Jeff Bezos’s wealth was still less than that of Mark Zuckerberg, while Elon Musk himself only possessed 164 billion USD in April 2024.
Thus, in a matter of short sessions, following the downturn of Tesla and Amazon and the rise in Meta’s points, Mark Zuckerberg will be able to accomplish an unprecedented feat: becoming the world’s richest billionaire.
Though Mark Zuckerberg does not face many difficulties, BI says that Elon Musk and Jeff Bezos are dealing with a number of issues, including antitrust probes, personal lawsuits, subpar business results reports, and other issues. Meta, Tesla, and Amazon are all technology stocks.
Any unfavorable development could cause the stock prices of Tesla and Amazon to drop, providing Mark Zuckerberg with an opportunity to gain.
Furthermore, according to BI, the CEO of Facebook may usurp the throne if Jeff Bezos or Elon Musk make significant asset donations to charitable organizations.
After all, the fact that investor Warren Buffett has given away more than half of his Berkshire Hathaway shares to charitable organizations prevents him from surpassing all other wealth seekers on the planet with a fortune of over 300 billion USD.
Thus, the founder of Amazon and the CEO of Tesla are both susceptible to the same outcomes.
The fact that Mark Zuckerberg is only 40 years old, significantly younger than Jeff Bezos (60 years old) and Elon Musk (53 years old), could also have an impact on who is the richest person in the world.
As a result, the creator of Facebook has more time to amass wealth and holds a distinct perspective from billionaires who donate to charities in their latter years.
As evidenced by the fact that Warren Buffett himself donated 99% of his holdings after reaching 65, billionaires’ opinions on asset accumulation are subject to significant change over time.
Five times the original amount
Mark Zuckerberg, who created Facebook at the age of 19, and floated the company on the stock exchange in 2012, is regarded as a modern-day technology generation idol.
With a market valuation of 1.3 trillion USD, Meta (Facebook) is currently the seventh-largest corporation in the market, beating some household names including Berkshire Hathaway (989 billion USD), Tesla (723 billion USD), Walmart (633 billion USD), and JP Morgan Chase (585 billion USD).
As per BI, Mark Zuckerberg deserves an apology from the entire globe for casting doubt on this creator back in 2021.
Between September 2021 and November 2022, Mark Zuckerberg faced criticism from investors and shareholders for investing tens of billions of dollars into the virtual world with no tangible returns.
At one point, Mark Zuckerberg’s holdings fell to just $35 billion USD as a result of this shock.
But in the intervening period, the stock price has climbed five times, boosting Mark Zuckerberg’s holdings by the same amount.
Meta’s stock price has risen by 65% in the last year alone, surpassing a record of $500 per share.
At the moment, investors have very high hopes for Mark Zuckerberg because the founder has reined in his extravagant spending on the virtual world, tightened cost control by mass firing employees, and invested heavily in cutting-edge technology like artificial intelligence.
Mark Zuckerberg and CFO Susan Li said that artificial intelligence (AI) has enabled Meta to grow more quickly than rivals in the digital advertising sector, the company’s primary business, following the release of better-than-expected Q2/2024 profits.
Meta’s sales in the second quarter of 2024 rose to $39.07 billion, a 22% rise over the same period the previous year, according to the news agency CNBC. of which, mostly from Facebook and Instagram, advertising accounted for nearly 98% of revenues.
This growth rate exceeds Google’s advertising revenue by a factor of two.