Since the beginning of the year, the Meta Platforms boss has added $44 billion, the most of any billionaire tracked by the Bloomberg Billionaires Index.
Last year, Mark Zuckerberg went all-in on the metaverse, spending whatever it took to dominate it. But the strategy came at a cost. At one point, Zuckerberg’s fortune fell more than $100 billion from its peak, a dramatic drop for someone who was the third-richest person in the world just a few years earlier.
This year, he shifted his focus to the real world, starting with cutting costs at Facebook parent Meta Platforms and now looking to build a social network to rival Twitter.
The strategies appear to have paid off. Zuckerberg’s fortune—mostly in Meta stock—has increased by $44 billion this year, the most of any billionaire tracked by Bloomberg.
Meta shares closed down 0.5% on May 19. However, it is still the best performing stock in the S&P 500 this year, up more than 100%. Zuckerberg's net worth is now $89.9 billion.
Meta Platforms boss Mark Zuckerberg. Photo: Bloomberg
Yesterday, Bloomberg reported that Instagram (owned by Meta) could launch a Twitter rival as early as next month. The app is testing with celebrities and social media influencers.
Analysts at Bloomberg Intelligence believe that Meta has a better chance of taking market share from Twitter than smaller rivals. "Meta may have a challenge in luring users from Twitter to its platform. However, it could still pose a threat to Twitter, as its monthly user fee policy makes Twitter less attractive," the analysts said.
Meta's business outlook is also optimistic. Last quarter, Meta's revenue increased 3%, beating Wall Street expectations and reversing a three-quarter decline.
In its financial report, Meta also reported stronger user growth than in recent quarters. Monthly active users across its apps grew 5% year over year to more than 3.8 billion. Daily Facebook users grew 4% to more than 2 billion.
Ha Thu (according to Bloomberg)
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