At the Meta Connect developer conference, Facebook Meta team leader Mark Zuckerberg showed off a prototype of computer glasses that can display digital objects in transparent lenses.
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Yuan Chief Executive Mark Zuckerberg has surpassed Jeff Bezos to become the world’s second-richest person.
According to financial reports, Zuckerberg’s net worth reached $206.2 billion on Thursday. Bloomberg Billionaires Indexsurpassing the net worth of the former Amazon CEO and President of $205.1 billion. The Facebook co-founder is now worth about $50 billion behind Tesla CEO Elon Musk, according to the index.
With his 13% stake in Meta, Zuckerberg’s net worth has increased by $78 billion since the beginning of the year, more than any of the 500 richest people tracked by Bloomberg Indexes. Meta shares closed at an all-time high of $582.77 on Thursday, up about 68% from $346.29 in early January.
Zuckerberg rose to No. 2 on the index on Thursday, underscoring the growth of his personal fortune amid investor enthusiasm for the social media giant’s growing profits this year.
Wall Street has been cheering Meta throughout 2024 as the company has consistently reported quarterly earnings that topped analysts’ expectations. In July, Meta said Second quarter sales It grew 22% to $39.07 billion, marking the fourth consecutive quarter in which revenue growth exceeded 20%.
Meta notes its massive size Artificial Intelligence Investment Helping improve the performance of its online advertising platform is one reason for its sales growth. The company’s online advertising system was hit hard major setback In 2021, Apple rolled out iOS privacy updates that weakened the ability to track users across the web. Meta said in February 2022 that privacy changes would cost it $10 billion in revenue.
In late 2022, Zuckerberg established major cost reduction plan That expansion As a result, 21,000 Meta employees, about a quarter of the company’s workforce, lost their jobs.
Investors responded favorably to Meta’s cost cuts, while the company’s online advertising business rebounded and was hit by Massive digital ad spending campaign Launched by Temu and Shien, retailers with links to China.
While Meta continues to spend billions on the virtual and augmented reality technology needed to support future concepts in the Metaverse, investors will become more tolerant of these investments as long as the company’s core advertising business remains healthy.
Last week, yuan debut Its Orion AR glasses have received positive reviews from the handful of people who have tested prototypes.
