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Mark Zuckerberg has ascended to become the fourth-wealthiest person in the world, with an estimated net worth of $201 billion. This rise follows Facebook’s rebrand to Meta in October 2021 and the company’s expansion into the metaverse and artificial intelligence.
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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