Mark Zuckerberg has emerged as the biggest wealth gainer of 2024, overtaking Nvidia’s Jensen Huang after a turbulent week in the markets.
The meta CEO’s personal wealth has increased by $54 billion this year, a 40% increase to $182 billion, according to the Bloomberg Billionaires Index. This remarkable growth catapults Zuckerberg to fourth place in the world rankings, where he is now just $7 billion away from LVMH’s Bernard Arnault, who ranks third.
Until recently, Jensen Huang, co-founder and CEO of Nvidia, had seen the biggest wealth gains this year, driven by the explosive rise in Nvidia stock amid the artificial intelligence (AI) boom, as Business Insider first reported.
However, a sharp drop in Nvidia’s share price this week wiped out $11.5 billion from Huang’s fortune, shrinking his annual profit to $44 billion. Despite this, Huang’s fortune is still an impressive $93 billion, although he now trails Zuckerberg as the year’s biggest wealth accumulator.
What you should know
Zuckerberg’s dramatic rise in wealth reflects the revival of Meta, the social media conglomerate that owns Facebook, Instagram, WhatsApp and Threads.
Under his leadership, Meta has invested aggressively in AI, virtual reality and the metaverse – strategies that initially left investors uneasy. Meta’s stock suffered a steep 75% decline between September 2021 and November 2022 as skepticism grew about the company’s spending on these ambitious ventures.
But 2023 and 2024 point in a different direction. The global AI boom, coupled with signs of tighter fiscal discipline within meta, has led to a revival of investor confidence.
Meta’s shares have more than quintupled since their 2022 lows, recently trading at record highs of over $500. This meteoric rise has catapulted the company’s valuation to a staggering $1.3 trillion, increasing the value of Zuckerberg’s roughly 13 percent stake in Meta.
Zuckerberg’s net worth was a modest $35 billion in November 2022, a stark contrast to today’s more than $182 billion. His resurgence is largely due to renewed interest from the broader market in AI and next-generation technologies, where Meta has positioned itself as a potential leader. Investors increasingly view Meta as a key player in the future of technology, communications and entertainment.
While Nvidia remains a dominant force in AI and semiconductors, Huang’s recent setbacks underscore the volatility of investing in technology companies. The recent correction in Nvidia stock has cost Huang his lead in wealth gains this year, ceding it to Zuckerberg, despite the company’s strong fundamentals.
As the global technology landscape continues to change, Zuckerberg’s extraordinary year shows the rewards of a company pivoting its fortunes to AI and new technologies. With his wealth now approaching that of the world’s richest individuals, Zuckerberg’s bet on the future seems to be paying off.
