Meta’s stock price shot from its November 2022 low of $88 per share to approximately $567 per share as of September 2024. Following the renaming, stock first declined reflecting market concerns regarding Meta’s shift into augmented reality (AR) and artificial intelligence (AI) research. But as the metaverse market—with large companies like Apple, Google, and Microsoft increasingly investing in AR and AI hardware—grows, investor trust has been rebuilt.

Zuckerberg comes just behind Elon Musk, Jeff Bezos, and Bernard Arnault in net worth as of September 2024. On September 25, Zuckerberg revealed the more affordably priced Quest 3S virtual reality helmet and the Orion AR glasses with increased projection capabilities during a Meta Connect event.

Despite the incredible rise in shares, Meta has cut its metaverse budget by 20% and focused its Reality Labs segment on AI applications, therefore reducing expenditure. Reality Labs has suffered significant losses; its shortfall as of 2019 comes at $60 billion.

Zuckerberg said on a July earnings call that artificial intelligence will be the future of Meta and that the company plans to increase its focus on AI research and profit on products like the Ray-Ban Meta AI spectacles.

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Zuckerberg admitted that it is true that the final call to censor content rests with Meta; however, some of those decisions made during that period wouldn’t be made again in light of new knowledge and further information. When asked whether he thinks the government pressure was wrong, Zuckerberg replied, I think it was wrong, and I wish we were more vocal about it,” while, at the same time, stressing that he stands for the principle that they should not give in to pressure and dilute the standards of their content.

In the same letter, Zuckerberg also discussed how, in 2020, he and his team decided to lower the ranking of a Russian disinformation story about Hunter Biden’s laptop, which at the time was heavily criticized. He said that change has, however, occurred in the policies to avoid such circumstances occurring in the future.

Zuckerberg’s disclosures have elicited a strong response, especially from proponents of decentralization and freedom of speech. Gabor Gurbacs, the Director of Digital Asset Strategy at VanEck, tweeted the letter on X, stating that individuals who coerced media companies into bowing down and censoring their content should be prosecuted. “The government doesn’t control speech,” he added. “The earth is not a prison; they are not our jailers.”

US Senator Mike Lee also chimed in, claiming that it was regretful that Zuckerberg’s apologies had not come any earlier when they could have made the difference. However, Charlie Kirk, founder and CEO of Turning Point USA, encouraged people to express skepticism towards Zuckerberg while being optimistic and praying that he could become a free speech warrior.

Another tech billionaire, Elon Musk, also welcomed the letter from Zuckerberg and said that it was “a step in the right direction.” Musk recalled that the purpose of the social platform is not to censor people but to support all the viewpoints associated with legal actions, while comparing the actions of Facebook during the pandemic.

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The steep decline in US stock markets, which saw nearly $2 trillion evaporate in a day, has had a significant impact on the wealth of billionaires. Other notable losses include those of Nvidia CEO Jensen Huang and Meta CEO Mark Zuckerberg.

The “Magnificent Seven” tech giants, including Amazon, Apple, Meta, Alphabet, Microsoft, Nvidia, and Tesla, collectively lost over a trillion dollars, directly impacting the wealth of their founders and major shareholders.

According to Forbes, Amazon founder Jeff Bezos experienced the most substantial loss. His net worth declined by 5%, amounting to a staggering $8 billion. Bezos’s total net worth now stands at approximately $179 billion.

Jensen Huang, CEO of Nvidia, the fastest-growing company this year, suffered a loss of $7.9 billion. His net worth has dropped to $87 billion.

Elon Musk, the world’s richest person and owner of Tesla, SpaceX, and X, also felt the impact of the market downturn. Musk’s net worth decreased by $6 billion to $221 billion.

Other Billionaire Losses:

Mark Zuckerberg: $7 billion

Oracle co-founder Larry Ellison: $6 billion

Google co-founders Sergey Brin and Larry Page: $4 billion each

Microsoft founder Bill Gates: $4 billion

Investor Warren Buffett: $4 billion

Louis Vuitton’s Bernard Arnault (Europe’s richest): $4 billion

Indian industrialist Mukesh Ambani (Asia’s richest): $3 billion

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According to the report, most of the team members of Meta’s artificial intelligence department took on different roles in the company’s artificial intelligence product department, and some joined the artificial intelligence infrastructure team.

The artificial intelligence (AI) team of Meta, established in February, focused on the goal of developing products that simulate human-made versions by creating languages and images. This coincided with a period when technological companies were directed towards faster machine learning in order not to fall behind in investing in artificial intelligence and to benefit from developments. Since the outbreak of artificial intelligence, Meta has been one of the leading technology companies in this field.

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This restructuring shows that Meta, the parent company of Facebook, is approaching the “year of productivity,” as CEO Mark Zuckerberg mentioned in a statement in February. During this time, the company conducted various layoffs, merged teams, and reorganized the staff distribution.

Artificial intelligence security has become one of the priorities of leaders in this sector, especially as regulators and other authorities begin to consider the potential risks of next-generation technologies. In July, Anthropic, Google, Microsoft, and OpenAI formed industry groups focusing on setting the security standards of emerging AI technologies.

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