Mark Zuckerberg has quickly moved up the list of the world’s richest people and might reach the top spot for the first time.
The Meta Platforms CEO — the company behind Facebook, Instagram, Threads, and WhatsApp — has increased his net worth by an impressive $51 billion this year, reaching $179 billion, according to the Bloomberg Billionaires Index.
Zuckerberg’s Rapid Rise
As of now, Zuckerberg is in fourth place, behind Elon Musk of Tesla (worth $248 billion), Jeff Bezos of Amazon (worth $202 billion), and Bernard Arnault of LVMH (worth $180 billion). He started the year in sixth place but briefly ranked third, ahead of the luxury goods mogul, last week.
Zuckerberg is still far behind Musk and Bezos, but he could close the gap quickly since tech fortunes often change fast. Musk was worth only $164 billion in April, and Bezos had slightly less than Zuckerberg’s current wealth earlier this year. A few bad days for Tesla and Amazon, combined with good days for Meta, could push Zuckerberg to the top.
Meta, Tesla, and Amazon stocks tend to move in the same direction because they are all large US tech companies, so the wealth of Zuckerberg, Musk, and Bezos usually rises and falls together. However, things like a poor earnings report, a major lawsuit, an antitrust investigation, or any big problem could bring Musk and Bezos below Zuckerberg.
Zuckerberg could also reach the top if Musk and Bezos make big donations to charity. Warren Buffett isn’t the richest person today, even though he could have over $300 billion, because he’s given away more than half of his Berkshire Hathaway shares.
Zuckerberg has been gaining wealth faster than Musk and Bezos this year, putting him in a strong position to surpass them. His $51 billion increase this year is much higher than Musk’s $19 billion and Bezos’ $25 billion gains.
How His Age and Recent Success Are Shaping His Future
At 40, Zuckerberg likely has more time than Musk, 53, and Bezos, 60, to grow his wealth. As author Morgan Housel points out in “The Psychology of Money,” Buffett made over 99% of his fortune after turning 65, showing the power of time in building wealth.
Though he’s much younger, Zuckerberg is already worth more than business legends like Bill Gates, Buffett, and the “Google Guys,” Larry Page and Sergey Brin.
Zuckerberg started Facebook in 2004 when he was 19 and took it public in 2012 at the age of 28. Today, Meta is the seventh-largest public company in the world, with a market value of $1.3 trillion. It’s now worth more than major companies like Buffett’s Berkshire Hathaway ($989 billion), Musk’s Tesla ($723 billion), Walmart ($633 billion), and JPMorgan ($585 billion).
Zuckerberg has made a major comeback recently. Meta’s stock dropped by over 75% from September 2021 to November 2022, as investors were unhappy with Zuckerberg’s decision to spend tens of billions on the metaverse and grew wary of tech stocks. This drop brought his net worth down to $35 billion at its lowest point.
However, the stock has since jumped more than fivefold, and by 65% in the last year, reaching record highs above $500. This surge, which has also multiplied Zuckerberg’s net worth, shows that Wall Street is betting Meta will benefit from the AI boom and is pleased that Zuckerberg has cut back on spending.
While he’s not quite catching up to Musk and Bezos yet, his strong momentum and the ups and downs of tech wealth could change that soon.
Conclusion
Mark Zuckerberg has quickly moved up the list of the world’s richest people this year. Even though he’s still behind Musk and Bezos, his huge $51 billion increase and the chance for tech market changes could mean he might catch up soon. His youth and recent stock gains give him an edge.
