Mark Zuckerberg has surpassed Jeff Bezos as the world's second richest person, with a net worth of $206.2 billion.
Meta CEO Mark Zuckerberg has surpassed Jeff Bezos to become the world's second-richest person, with a net worth of $206.2 billion, according to the Bloomberg Billionaires Index.
This rise in wealth, fueled by a 13% stake in Meta, has seen his net worth increase by $78 billion since the start of the year. Meta's shares hit a record high of $582.77, up 68% from $346.29 in January, reflecting investor enthusiasm for the company's strong profit growth.
In 2024, Meta has consistently reported earnings that beat analyst expectations, with second-quarter sales rising 22% to $39.07 billion. This success is attributed to substantial investments in artificial intelligence, which improved the online advertising platform that struggled after Apple's iOS privacy update in 2021.
Zuckerberg implemented significant cost-cutting measures in late 2022, resulting in 21,000 job losses but favorable investor reactions.
As Meta's advertising business rebounded, it benefited from increased digital ad spending by Chinese retailers. While continuing to invest heavily in virtual and augmented reality technologies for the metaverse, investors have remained supportive as long as Meta's core ad business thrives.
Recently, Meta launched its Orion AR glasses, receiving positive reviews from early testers.
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Greece will ban access to social media for children under 15 from 1 January 2027, Prime Minister Kyriakos Mitsotakis said on Wednesday, citing rising anxiety, sleep problems and the addictive design of online platforms.
The Australian government has threatened to go to court in a bid to sue social media giants for allegedly flouting a ban on under-16s, as its internet regulator disclosed it is investigating some of the biggest platforms for suspected non-compliance with the world-first measure.
A Los Angeles jury on Wednesday found Alphabet’s Google and Meta liable for $6m in damages in a landmark social media addiction lawsuit, a ruling that could influence thousands of similar cases.
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the state attorney general, who accused the company of misleading users about the safety of Facebook, Instagram and WhatsApp and of enabling child sexual exploitation on those platforms.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refurbishment aimed at preserving its status as a global symbol of luxury.
The U.S. and Iran could resume peace talks over the next couple of days, U.S. President Donald Trump has said. Talks between Israel and Lebanon were held in Washington yesterday. Fuel prices have dropped below $100 a barrel. U.S. blockade on Iranian ports completes first day.
Azerbaijan and Russia have announced a formal settlement over the 2024 crash of an Azerbaijan Airlines (AZAL) Embraer 190 near Aktau, confirming that all outstanding issues, including compensation, have been resolved.
U.S. President Donald Trump said on Thursday that there was a "good chance" of a peace deal between Lebanon and Israel happening soon, after he announced a 10-day ceasefire between the two countries.
Türkiye is reeling after a second school shooting in as many days, after a 14-year-old student killed nine people - eight pupils and one teacher - and wounded 13 others at a middle school in the south-eastern province of Kahramanmaraş on Wednesday, officials said.
The Middle East crisis is reshaping transport choices worldwide, turning electric vehicles from a long-term climate goal into an immediate economic calculation.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
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