Mark Zuckerberg is now the fourth richest person in the world – after Meta’s share price shot up by more than 20 percent in one day.
So far in 2024, the 39-year-old’s net worth has risen by $28 billion – more than anyone else, and most of it in the last day after huge gains for Meta. His fortune now stands at $170.5 billion.
It has catapulted him above former Microsoft CEO Steve Ballmer and the tech titan’s founder, Bill Gates.
And Zuckerberg’s wealth will continue to rise. He cheered investors on Thursday by announcing the first-ever dividend on Meta’s stock – a share of profits as a reward for holding shares in the company.
But – as the largest shareholder himself, with a 13 percent stake – it is Zuckerberg HIMSELF who will benefit more than anyone from the 50 cents per share bonus. To him, the dividend is worth $700 million a year.
Mark Zuckerberg is now the fourth richest person in the world – after Meta’s share price shot up 22 percent in one day
According to the Bloomberg index, Mark Zuckerberg is now the fifth richest person in the world
Although Zuckerberg’s publicly traded salary at Meta is a measly $1, his shares in the company have seen his net worth rise to $170.5 billion, according to the Bloomberg Billionaires Index.
It’s a huge comeback for Zuckerberg’s wealth, which fell below $35 billion at the end of 2022.
The richest person in the world, Elon Musk, has had a rough year so far, although he is still the richest for now.
According to Bloomberg, his wealth has fallen by $23.6 billion since the beginning of 2024.
If the pace of decline for Musk and the rate of growth for Zuckerberg continue, the Facebook founder would overtake the Tesla boss within a few months.
That’s unlikely, experts say. Tesla has had a particularly bad start to the year – and Musk is likely to turn this around given his track record.
But — barring a falling share price for Tesla — Musk’s $205 billion net worth faces a potential financial hit from the court. A Delaware judge ruled this week that he was not entitled to his $55 billion Tesla compensation package.
According to Bloomberg, the pay package is worth around $51.1 billion, meaning the businessman’s net worth could drop to around $154 billion if he loses the asset.
This would drop him several places on the current list of the richest people in the world.
Second, with a net worth of $185 billion, there is French businessman Bernard Arnault, CEO of LVMH.
LVMH is the world’s largest luxury goods conglomerate – with a portfolio of more than 70 brands, including Louis Vuitton, Moet & Chandon, Hennessy and Sephora.
Third is Amazon founder Jeff Bezos – whose fortune is $185 billion – and fourth is Microsoft co-founder Bill Gates with a net worth of $144 billion.
Zuckerberg has risen above Steve Ballmer, who was CEO of Microsoft from 2000 to 2014, and Microsoft co-founder Bill Gates.
Meta shares rose 20 percent on Friday to close at a record high of $474.99 per share.
On Thursday, the company reported it tripled profits in a blockbuster final quarter of 2023, and investors also bought shares on a promised dividend.
Company, who owns FacebookInstagram and WhatsApp, announced that it earned $14 billion, or $5.33 per share, from October to December last year – up from $4.65 billion, or $1.76 per share, a year earlier.
Tesla CEO Elon Musk is currently the richest person on earth
Shares of Meta have soared after announcing blockbuster fourth-quarter 2023 earnings
Analysts expected earnings of $4.82 per share on revenue of $39.1 billion, according to FactSet Research.
Meanwhile, revenue rose 25 percent to $40.11 billion in the quarter.
This was up from $32.2 billion a year earlier – the fastest growth since mid-2021 – as the online advertising market continued to recover.
CEO Mark Zuckerberg said in a statement: “We’ve had a great quarter as our community and our company continue to grow. We have made great progress on our vision of advancing AI and the metaverse.”
It marks a major turnaround for the company, whose shares suffered a meltdown in 2022 that wiped out more than three-quarters of their value at the time.
As a result, Meta entered a self-proclaimed ‘year of efficiency’ in 2023 – with a heavy focus on cost savings and the need to lay off thousands of employees.
The company said it had 67,317 employees as of December 31, 2023, down 22 percent year-over-year.
Meta also credited advances in AI and improvements to its advertising business for its success, which is growing faster than rival Google.
The rise in Meta’s share price comes just days after Zuckerberg appeared at a US Senate hearing along with other technology leaders.
Mark Zuckerberg was sworn in this week to testify at the US Senate hearing
The billionaire apologized to families who said their children had been harmed by social media.
He appeared alongside TikTok CEO Shou Zi Chew, Discord boss Jason Citron, X chief Linda Yaccarino and Snapchat founder Evan Spiegel.
They were all questioned by Republicans about how they protect teens and children on their respective apps.
“I’m sorry for everything you’ve all been through,” Zuckerberg said. ‘It’s terrible. No one should have to experience the things your families suffered.”