Mark Zuckerberg has officially claimed the title of the world’s second-richest person for the first time, surpassing Jeff Bezos on Thursday as shares of Meta Platforms Inc. continue their upward trajectory.
Metaverse Bet Pays Off
Zuckerberg’s significant investment in the metaverse, initially viewed as a misstep, has started to yield impressive returns. His net worth has soared to an impressive $206.2 billion, placing him $1.1 billion ahead of Amazon’s Bezos and nearly $50 billion behind Tesla’s Elon Musk.
Stock Performance Boosts Wealth
Meta’s stock has experienced a remarkable 23% increase following a strong second-quarter sales report, where the company also highlighted its advancements in large language models that drive AI chatbots. The stock reached a record high of $582.77 on Thursday.
Investments in AI and Augmented Reality
To solidify its position in the competitive AI landscape, Meta has invested heavily in data centers and computing capabilities. The company is also making strides with long-term projects, such as the recently launched Orion augmented reality glasses.
Remarkable Year for Zuckerberg
Owning a 13% stake in Meta, Zuckerberg’s fortune has increased by $78 billion this year, marking the highest gain among the world’s 500 wealthiest individuals tracked by the Bloomberg Billionaires Index. The 40-year-old co-founder and CEO has moved up four spots in the wealth rankings this year.
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