Zuckerberg’s Net Worth Hits $201B as Meta Shares Climb
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TLDR Meta’s stock surge boosts Zuckerberg’s net worth to $201B Meta’s market cap exceeds $1.4 trillion Zuckerberg unveils Orion AR glasses and Quest 3S VR headset Meta reduces metaverse budget by 20% Company shifts focus towards AI development Meta, formerly known as Facebook, has seen a remarkable turnaround in its fortunes, with its stock price surging to approximately $567 per share as of September 2024. This represents a more than sixfold increase from its November 2022 low of around $88 per share. The tech giant’s market capitalization now exceeds $1.4 trillion, solidifying its position as one of the world’s most valuable companies. This stock rally has had a significant impact on CEO Mark Zuckerberg’s personal wealth. His net worth has climbed to $201 billion, making him the fourth-richest person globally, behind Elon Musk, Jeff Bezos, and Bernard Arnault. Meta’s journey since its rebranding in October 2021 has been marked by both challenges and innovations. Initially, the company’s focus on metaverse development and hardware led to a sharp decline in its stock price, with investors expressing concerns about this new direction. However, the tide began to turn as other tech giants like Apple, Google, Nvidia, and Microsoft also started developing metaverse-related technologies. In September 2024, Zuckerberg unveiled two new products at a Meta Connect event in California. The first was the Orion augmented reality glasses, which feature small projectors that create a virtual heads-up display overlaid on real-world objects. The second was the Quest 3S virtual reality headset, a more affordable version set to replace the earlier Quest 3 128 GB model. Despite these product launches and the overall stock price recovery, Meta has made some strategic adjustments to its metaverse ambitions. In July 2024, the company announced a 20% reduction in its metaverse budget. It also instructed its Reality Labs…
Filed under: News - @ September 30, 2024 11:26 am