Mark Zuckerberg, CEO of Meta Platforms, achieved a new milestone, becoming the third-richest person globally. This rise is attributed to a recent rally in Meta’s stock, which surged by 6% to $504.31 per share. The company reported impressive second-quarter earnings, with $39 billion in revenue, pushing its market capitalization to $1.25 trillion.
Comparison with Top Richest
Despite this significant leap, Zuckerberg remains behind Tesla and SpaceX CEO Elon Musk, whose net worth is around $237 billion, and Amazon founder Jeff Bezos, valued at approximately $204 billion.
Meta’s Robust Quarterly Performance
Meta’s latest earnings report exceeded Wall Street’s expectations by about $800 million, according to FactSet estimates. The company’s capital expenditures and losses from its metaverse projects were also less severe than anticipated.
Advancements in AI and Future Expectations
Zuckerberg highlighted Meta’s strong quarterly performance, noting that Meta AI is set to become the most widely used AI assistant by year-end. He also pointed out the release of Meta’s first frontier-level open-source AI model and positive progress with Ray-Ban Meta AI glasses. The company continues to experience robust growth across its various apps.
However, Meta has indicated that it anticipates significant growth in capital expenditures by 2025. Zuckerberg is heavily investing in AI, confident that Meta’s new Llama 3.1 model will be the industry’s leading AI by early next year. His willingness to invest heavily underscores Meta’s commitment to maintaining its competitive edge in the AI sector.
