According to the Forbes Billionaire Index, Mark Zuckerberg, the founder of Meta, has surpassed famed businessman Warren Buffett in wealth by $7 billion. Zuckerberg now has a net worth of $125 billion, while Buffett ranks seventh with a net worth of $118 billion.
This rise has also moved Zuckerberg ahead of Microsoft co-founder Bill Gates, who is presently ranked sixth with a net worth of $119 billion. The increase in Zuckerberg’s fortune may be ascribed to strong stake performance, which catapulted him from seventh to fifth place in the world wealth rankings in December.
Warren Buffett, often known as the Oracle of Omaha, amassed enormous riches via the acquisition of undervalued firms as part of his buy-and-hold investment strategy.
Notably, the 93-year-old millionaire has donated a sizable percentage of his money to charity. Buffett generously contributed $41 billion between 2006 and 2020, largely to the Bill & Melinda Gates Foundation and nonprofits benefiting his children. He co-founded the Giving Pledge with Bill Gates in 2010, urging billionaires to donate the majority of their fortune to philanthropic causes.
Despite his advanced age, Buffett stays engaged as CEO. However, he stated in 2021 that Gregory Abel, who oversees Berkshire’s non-insurance activities, is the most likely successor.
Mark Zuckerberg’s wealth surpasses that of both Buffett and Gates, signaling a significant shift in the global billionaire hierarchy and establishing a new trend in the landscape of wealth growth. According to Forbes, Zuckerberg initiated 2023 with a valuation of $64bn, marking a remarkable surge of 95.31 per cent in his net worth over the year.
The 39-year-old billionaire’s financial ascent occurred despite legal challenges involving privacy issues with Facebook and various scandals, along with a decline in ad revenue due to the pandemic. Nevertheless, Meta has exhibited resilience and adaptability, rebounding and flourishing in a challenging environment.
Meta’s shares experienced a significant boost in 2023, rising from $125 per share at the beginning of the year to a peak of $342 in November. Investors in Meta Platforms, the social media giant, have experienced an impressive 155 per cent year-to-date gain.
This surge in share value is attributed to Meta’s extensive foray into the virtual reality and augmented reality sectors, combined with its enduring dominance over popular social media platforms like Instagram, WhatsApp, and Messenger.
Mark Zuckerberg, the co-founder and CEO of Meta Platforms, initiated the journey with the creation of Facebook in 2004 at the age of 19 while studying computer science and psychology at Harvard University. Originally designed to match names with photos on campus, Facebook expanded its reach in 2006, allowing individuals at least 13 years old with a valid email address to join.
Daily active users for Facebook and Meta’s family of apps, including Instagram, also saw an increase of 5 per cent and 7 per cent, respectively. Meta’s Threads app – designed as a Twitter replacement – has experienced a 60 drop in active users from its launch week, according to a report from Similarweb.
In May 2012, Zuckerberg took Meta Platforms public, and by December 2016, he secured the 10th position on Forbes’ list of The World’s Most Powerful People. Currently, Zuckerberg retains approximately 13 per cent ownership of the company’s stock, further solidifying his influential role in the ever-evolving landscape of social media and technology.
