Mark Zuckerberg, the visionary founder of Meta, has outpaced Bill Gates in riches by an estimated $6 billion as of January 1, 2023.

Based on their stake performances at the close of the year, the analysis reveals that Zuckerberg’s net worth now stands at a remarkable $125 billion, catapulting him to the 5th position in the global wealth rankings, a significant climb from 7th place in December.

Meanwhile, Bill Gates presently holds the 6th position with a net worth of $119 billion. Gates held the world’s richest title from 1995 to 2017.

Within those periods except for 2008 and from 2010 to 2013. In October 2017, he was usurped by Amazon founder Jeff Bezos, who had an estimated net worth of $90.6 billion compared to Gates’s net worth of $89.9 billion at the time.

With Mark Zuckerberg ahead of Gates, it sets a new trend for world billionaires. Zuckerberg initiated 2023 with a valuation of $64 billion, marking a remarkable surge of 95.31% in his net worth over the year based on data tracked on the Forbes Billionaire Index.

The 39-year-old billionaire’s financial ascent occurred despite legal challenges involving privacy issues with Facebook and various scandals, along with a decline in ad revenue due to the pandemic.

Nevertheless, Meta has exhibited resilience and adaptability, rebounding and flourishing in a challenging environment.

Meta’s shares experienced a significant boost in 2023, rising from $125 per share at the beginning of the year to a peak of $342 in November.

Investors in the social media giant reaped gains of 155% year-to-date. This surge in share value is linked to Meta’s substantial expansion in the virtual reality and augmented reality sectors, coupled with its sustained dominance over social media platforms such as Instagram, WhatsApp, and Messenger.

What you should know
It’s noteworthy that in the preceding year, Zuckerberg, for the first time in two years, divested Meta shares following a remarkable 172% increase in the company’s stock value since 2021.

In November 2023, Meta’s co-founder and associated organizations dedicated to philanthropy and strategic interests sold approximately $185 million worth of shares, indicating a significant capitalization on the success Meta Platforms (formerly Facebook Inc.) achieved through heightened interest in the metaverse and virtual reality technology.

Mark Zuckerberg also introduced a similar social platform to X called Thread. It caused quite a stir between himself and Elon Musk. However, the buzz around the new app soon died down.

He began Facebook at Harvard around 2004. Transitioning to a public company in May 2012, Zuckerberg currently holds approximately 13% ownership of Facebook’s stock.

The corporate landscape witnessed a pivotal moment in November 2021 when Facebook underwent a rebranding, adopting the name Meta Platforms, signifying a strategic shift toward the metaverse.

Source
Nairametrics