It’s something to be a billionaire. Most effective 2,781 contributors of the sector’s inhabitants, which is nearing 8 billion other people, have reached that standing. Or even fewer other people have a multibillion-dollar internet price, with a make a choice few attaining the coveted $100 billion place.
However now there’s an much more illustrious camp: the $200 billion membership. And most effective 3 of tech’s greatest leaders have reached that summit: Amazon founder Jeff Bezos, Tesla CEO Elon Musk, and now, Meta CEO Mark Zuckerberg.
Zuckerberg, then again, no longer most effective simply broke into the $200 billion membership—he’s additionally the largest winner at the record having gathered dozens of billions in wealth this 12 months.
Zuckerberg’s wealth has ballooned by way of an improbable $72.2 billion this 12 months, consistent with the Bloomberg Billionaires Index, bringing his overall internet price to $200 billion. Nvidia CEO Jensen Huang has had the second-biggest bounce in internet price this 12 months, gaining $58 billion in wealth. Expansion apart, Musk has the easiest internet price with $265 billion to his title, with Bezos monitoring at the back of him at $216 billion.
This puts Zuckerberg forward of alternative primary tech executives together with Oracle cofounder Larry Ellison and previous Microsoft CEOs Invoice Gates and Steve Ballmer.
“I outline our technique as though we will be told sooner than each different corporate, we’re going to win,” Zuckerberg mentioned all the way through a taping of the Bought podcast closing week. “We’re going to construct a greater product than everybody else as a result of we’re going to get it out first or early. You be told sooner.”
Whilst Zuckerberg, who based Fb two decades in the past, most effective takes a $1 wage, he makes up for it in “different reimbursement” and his huge stake in Meta. He’s the most important shareholder of Fb’s father or mother corporate, proudly owning about 345.5 million stocks, consistent with Meta’s April proxy commentary. Plus, he took house $24.4 million in “different reimbursement” this 12 months. A lot of that different reimbursement is going towards protective Zuckerberg, a lot as with different high-profile CEOs.
“We imagine that Mr. Zuckerberg’s function places him in a singular place: He’s synonymous with Meta and, because of this, unfavourable sentiment relating to our corporate is at once related to, and steadily transferred to, Mr. Zuckerberg,” Meta wrote within the SEC submitting.
Meta didn’t reply to Fortune’s request for remark relating to Zuckerberg’s internet price.
Zuckerberg’s push for ‘potency’
Meta, which owns and operates Fb, Instagram, Threads, and WhatsApp, has carried out neatly this 12 months. Because the get started of 2024, Meta’s inventory is up a jarring 60%, and an much more spectacular 85% 12 months over 12 months. It opened business at greater than $557 in step with percentage on Tuesday.
Zuckerberg credit the corporate’s center of attention on AI for Meta’s sturdy efficiency this 12 months.
“Meta AI is on course to be probably the most used AI assistant on the planet by way of the tip of the 12 months,” Zuckerberg mentioned in an profits commentary in July. Certainly, income rose 22% to $39.07 billion from $32 billion in Q2.
Whilst AI has been a boon for the corporate, Zuckerberg’s “Yr of Potency” at Meta has been a problem for plenty of of its different staff and for a few of its greatest tasks, together with augmented fact. This cost-cutting initiative began in February 2023 and has led to mass layoffs from the tech massive.
“This choice is a part of our better efforts to prioritize the goods we imagine will easiest serve the longer term wishes of our shoppers and trade shoppers alike,” Meta mentioned in a commentary.
