Mark Zuckerberg net worth is up $53B and could pass Elon Musk

The rich are getting richer as global stocks continue soaring. Mark Zuckerberg, the founder and CEO of Meta Platforms, has made the most money this year and is close to overtaking Elon Musk. 

According to Bloomberg, Mark has added over $53 billion in his net worth this year, making him the fourth-richest person in the world. His net worth stands at over $182 billion.

This performance is notable because he could soon pass Elon Musk, whom he has feuded with recently. Musk, who was the richest person a few weeks ago, has now been overtaken by Bernard Arnaut of LVMH and Jeff Bezos of Amazon. The two have added over $21 billion each to their net worth this year.

Tesla vs Meta Platforms stocks

Mark’s wealth has surged because of the performance of Meta Platforms, the second-biggest advertiser in the world. The stock has jumped by more than 173% in the past 12 months, giving it a market cap of over $1.29 trillion.

Meta’s shares have done well even as concerns about its operations rise. It has struggled to monetize Whatsapp, a company it acquired for $20 billion in 2014.

Many Facebook and Instagram users are no longer posting, Facebook is also associated with older people while the preferred demographic is spending most of their time in TikTok, the fast-growing Chinese company. Instagram was the most uninstalled app in 2023.

Still, investors have cheered Meta’s revenue and profitability growth and its decision to abandon its metaverse goals. Its revenue rose to $134 billion in 2023 from the previous year’s $116 billion. It also grew its profit to over $39 billion.

Mark Zuckeberg’s wealth trend has diverged from that of Elon Musk, whose Tesla is the worst performer in the Nasdaq 100 and Invesco QQQ. Tesla shares have plunged by over 28% as investors have remained concerned about the EV industry. 

Unfortunately, the situation could worsen in the coming months because of the ongoing saturation in the industry.