Since the beginning of the year, the Meta Platforms boss has added $44 billion, the most among billionaires tracked by the Bloomberg Billionaires Index.
Last year, Mark Zuckerberg went all-in on the metaverse, willing to spend whatever it took to dominate it. But the strategy cost him dearly. At one point, Zuckerberg’s fortune fell more than $100 billion from its peak, a steep decline for someone who, just a few years earlier, was the third richest person in the world .
This year, he shifted his focus to the real world, starting with cutting costs at Facebook parent company 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, but were still the best-performing stock on 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 rival to Twitter as early as next month. The app is being tested with celebrities and social media influencers.
Analysts at Bloomberg Intelligence believe that compared to smaller rivals, Meta has a higher chance of taking market share from Twitter. "Meta may face challenges in luring users from Twitter to its platform. However, it can still pose a threat to Twitter, as its monthly user fee policy is making 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.
Meta also reported stronger user growth than in recent quarters in its financial report. Monthly active users across its apps increased 5% year-over-year to more than 3.8 billion. Daily active users on Facebook increased 4% to more than 2 billion.
Ha Thu (according to Bloomberg)
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