Meta CEO and Facebook cofounder Mark Zuckerberg saw a significant boost to his wealth following a strong post-earnings rally in Meta’s stock. Zuckerberg’s net worth increased by $11 billion, jumping from $167 billion to $178 billion on Thursday as Meta’s share price climbed 6%, marking its second-largest gain in the past year.
This surge propelled Zuckerberg from the fifth to the third richest person globally. He surpassed Bernard Arnault, the chairman of LVMH ($177 billion), and Oracle chairman Larry Ellison ($172 billion). Now, Zuckerberg trails only Tesla CEO Elon Musk ($237 billion) and Amazon chairman Jeff Bezos ($205 billion).
Zuckerberg’s wealth has more than tripled since September 2022, when his net worth fell below $60 billion due to Meta’s struggling stock, pushing him out of Forbes’ top ten richest people for the first time since 2015. The rebound in Meta’s stock, which has surged nearly 500% from its 2022 low, has driven the recovery of Zuckerberg’s fortune. This recovery followed a challenging period for Meta, which experienced four consecutive quarters of double-digit annual profit declines.
Meta is now the sixth-most valuable company in the world, with a market capitalization of $1.3 trillion. Zuckerberg, Musk, and Bezos hold unusually large stakes in their respective companies, with Zuckerberg owning about 13% of Meta, Musk 12% of Tesla, and Bezos 9% of Amazon.
The recent rally in Meta’s stock occurred after the company exceeded analyst expectations for both profits and sales, and Zuckerberg addressed concerns about high expenses related to artificial intelligence development.
Additionally, Zuckerberg is set to earn approximately $691 million annually from Meta’s quarterly cash dividend of $0.50 per share, a new policy instituted in March. While this amount is modest compared to his vast fortune, it still represents a significant sum for the 40-year-old billionaire.
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