Mark Zuckerberg overtakes Jeff Bezos as the third-richest person

In the United States, Mark Zuckerberg, the founder of Meta, witnessed a significant surge in his net worth, reaching $268.4 billion. This increase, amounting to nearly $28.4 billion, was observed on Thursday following Meta's impressive quarterly earnings report that exceeded Wall Street's projections. Meta's stock rallied by over 11%, marking its second-largest increase of the year. This surge in stock prices can largely be attributed to the company's reported revenue of $47.5 billion and earnings per share of $7.14, both demonstrating substantial annual growth. Additionally, this financial performance marked Meta’s 10th consecutive quarter of earnings beats and the 12th straight quarter of surpassing revenue estimates, showcasing the company's consistent upward trajectory. Notably, the rise in Zuckerberg's wealth propelled him past Amazon's Jeff Bezos, whose net worth increased to $247.4 billion. This position made Zuckerberg the third-richest person globally as per the real-time billionaires list by Forbes. Factors contributing to the positive momentum for Meta's stock included an uptick in capital expenditures aimed at advancing artificial intelligence initiatives. Investors are focusing on Meta’s strategy of aggressively pursuing opportunities in AI, which has boosted confidence in the company's future growth potential. This concerted push towards innovation and technology aims to enhance Meta's overall competitive edge in the market. In a related development, on the same day, Microsoft surpassed a market valuation of $4 trillion, joining the likes of Nvidia. This surge had a positive impact on former Microsoft CEO Steve Ballmer, whose net worth rose to $149 billion as well. Overall, the developments highlight the current volatility and dynamic shifts among the world's wealthiest individuals, largely driven by company performances and market reactions.