Mark Zuckerberg Overtakes Jeff Bezos to Become the World’s Second Richest Person – Here’s How He Did It

Mark Zuckerberg, the CEO of Meta Platforms, has officially surpassed Jeff Bezos in the race for wealth. According to the Bloomberg Billionaires Index, Zuckerberg’s net worth surged past $210 billion, positioning him as the world’s second-richest person. This milestone reflects Meta’s remarkable growth and Zuckerberg’s savvy business strategies.

ALSO READ: Meta Connect 2024: Mark Zuckerberg’s Coolest Tech Project

Zuckerberg’s wealth didn’t just increase; it skyrocketed by a stunning $78 billion this year alone. Meta’s soaring stock prices played a crucial role in this wealth boost. Shares of Meta Platforms Inc. jumped by 23% during the second quarter, reaching a record high of $582.77. As a major shareholder with a 13% stake, Zuckerberg’s net worth surged along with the company’s success. This surge propelled him to leap four spots on the Billionaires Index, leaving Jeff Bezos behind.

Meta’s “Year of Efficiency” and Its Impact on Growth

Zuckerberg’s rise to wealth didn’t happen without challenges. Meta faced significant restructuring between 2022 and 2023. The company laid off over 21,000 employees as part of what Zuckerberg called the “Year of Efficiency.” In a strategic move to streamline Meta, the CEO prioritized cutting lower-priority projects and enhancing productivity. He highlighted that a leaner organization could focus on high-priority objectives faster, boosting both employee morale and overall company output.

This focus on efficiency wasn’t just about cost-cutting. It helped Meta sharpen its competitive edge in the tech world, paving the way for stronger growth.

Meta’s AI Push Drives Revenue

Meta’s ambitious investments in artificial intelligence (AI) have also been central to Zuckerberg’s recent success. The company has leaned heavily into AI for targeting ads, improving user experience, and enhancing social media features. These AI initiatives have not only cut costs but also boosted daily active users, which reached 3.27 billion this year—a 6.5% increase year-over-year.

Industry experts, like Jeffrey Wlodarczak from Pivotal Research Group, see Meta’s AI strategy as a winning formula. In his report titled “In Zuck We Trust,” Wlodarczak explained how AI innovations have driven Meta’s growth. He expressed confidence that Instagram, particularly through features like Reels and Stories, could soon dominate the global social media landscape.

How Zuckerberg Compares to Other Billionaires

Zuckerberg’s remarkable climb has left only Elon Musk ahead of him, with Musk maintaining a net worth of $256 billion. The competition among the world’s wealthiest individuals remains fierce, with the current top 10 list as follows: