Meta’s Chief Executive Officer, Mark Zuckerberg, has seen a staggering surge in his net worth, amounting to an impressive $64.5 billion.
According to estimations by Bloomberg, the 39-year-old billionaire’s fortune now stands at a whopping $110 billion.
The remarkable ascent began on January 1, 2023, with Zuckerberg’s net worth resting at $45.6 billion. Since then, it has skyrocketed by about 141%.
The driving force behind this surge has been the laudable performance of Meta’s stock, which has delivered significant gains to investors throughout the year.
A major contributing factor to the stock’s impressive trajectory has been the tangible items that have propelled it to a remarkable 150% year-to-date increase. Starting the year at $124.74, Meta’s stocks have soared to a substantial $297.17 as of July 21, 2023.
In addition to the stock’s bullish performance, Zuckerberg’s latest offering, Threads, has generated significant buzz and excitement across the internet.
Although sign-up demand has moderated from its initial surge, the product’s ability to engage millions of users while competing with established rivals has been noteworthy.
The financial community on Wall Street has taken note of Threads’ potential, with renewed hopes in raising their 2024 profit estimates for Meta in anticipation of the product’s monetization.
Notably, Zuckerberg’s collaboration with Microsoft in introducing Llama, a next-generation open-source machine language model, has also played a pivotal role in Meta’s stock surge.
The company’s foray into artificial intelligence adoption, particularly through the partnership with Microsoft, has reverberated positively across the global market.
Mark Zuckerberg’s background
Zuckerberg’s vast fortune primarily stems from his ownership stake of approximately 13% in Meta Platforms, previously known as Facebook, as disclosed in the company’s 2023 proxy statement.
As the world’s largest social network, Meta Platforms boasts an impressive 3.7 billion active users each month, with Facebook alone accounting for around 3 billion users, as reported in a January 2023 company presentation.
The company’s initial public offering on May 17, 2012, was the largest technology IPO in history at that time. NewsTimes earlier reported in February that Mark Zuckerberg had made about $13 billion.
Zuckerberg’s holdings are structured through trusts and holding companies, as disclosed in the proxy.
He has pledged to donate 99% of his shares over his lifetime, as stated in a December 2015 SEC filing.
As Meta’s CEO continues to make headlines with his unprecedented gains, the global market eagerly awaits further developments in the tech mogul’s financial journey.