Mark Zuckerberg has risen to become the world’s second-richest person, surpassing Jeff Bezos as Meta Platforms Inc. continues to experience significant stock gains. Zuckerberg’s wealth reached $206.2 billion, placing him ahead of the former Amazon CEO and trailing only Tesla’s Elon Musk, who maintains a lead of nearly $50 billion.
The surge in Zuckerberg’s fortune is largely driven by Meta’s strong performance in the stock market. Shares of the company have seen a 23% increase since its second-quarter earnings report, which exceeded expectations. The company’s advancements in artificial intelligence, particularly its investment in large language models that power AI chatbots, have been a key factor in this growth. Meta’s stock closed at an all-time high of $582.77, further solidifying the company’s position in the tech industry.
Meta’s commitment to AI and the broader tech race has seen substantial investments in data centers and computing infrastructure. These moves have placed Meta at the forefront of the competition in AI development. Beyond AI, Meta is also making strides in augmented reality, with the recent introduction of its Orion AR glasses, which are part of its broader vision for the metaverse.
Despite the initial skepticism surrounding Meta’s metaverse ambitions, these long-term projects are beginning to show promise, contributing to investor confidence in the company’s future. Zuckerberg, who holds a 13% stake in the company, has seen his personal fortune rise by $78 billion this year, the largest increase among the world’s wealthiest individuals.
