Mark Zuckerberg’s fortune has surged this year, with no one on Bloomberg’s Billionaire Index coming close to his $44 billion gain in 2023. The CEO of social media platform Meta has seen his wealth shoot beyond $89.9 billion, putting him 12th on the list of the world’s wealthiest people.
His stock in Meta, which has a 13% stake, is largely responsible for his large fortune, having nearly doubled since January. The tech giant has reported revenue of $28.6 billion in the first quarter of 2023, far outpacing Wall Street predictions and turning things around after three quarters of decline in 2022. Indeed, Meta was the best performing tech stock in the S&P 500 in the first quarter.
Meta had endured a difficult 2021, as its stock had tanked from its ill-fated plans to enter the metaverse. It was one of the worst performers in the S&P 500 and was battered even further with the rising costs of inflation and borrowing.
Fortunately, Meta has since fought back, reducing its costs and developing a scalable AI model to incorporate into its services. Analysts and investors have responded favorably, with the belief that its best days may lay ahead and the potential for future earnings growth.
Meta is a social media and technology company founded by Mark Zuckerberg in 2004. It is one of the world’s largest and most prominent tech companies, having a massive global reach and influence, particularly in the development of AR>VR technology.
Mark Zuckerberg is one of the world’s most successful business leaders, having transformed Meta into an online phenomenon and global powerhouse. Since founding Meta in 2004, the Harvard graduate has overseen the development and growth of the company into a titan of the tech space. He is a frequent advocate for artificial intelligence, digital currencies, and other advanced technologies.
