Mark Zuckerberg, the founder and CEO of Meta, has become the world’s fourth-richest person, with a net worth soaring to $201 billion. This substantial increase follows Facebook’s rebrand to Meta in 2021 and the company’s strategic shift toward metaverse development and artificial intelligence. Meta’s market capitalization has now surpassed $1.4 trillion, making it one of the most valuable companies worldwide.
Meta’s stock has seen a remarkable recovery, trading at approximately $567 per share, a huge leap from its low of $88 in November 2022. The downturn in stock price during 2022 reflected investor uncertainty over Meta’s pivot to augmented reality (AR) and artificial intelligence (AI), but the company has since regained momentum.
Since the rebrand, Meta has focused heavily on developing metaverse hardware, joining major tech players like Apple, Google, and Microsoft. This focus has been a key driver in the company’s resurgence, alongside Zuckerberg’s strategic shift toward AI.
At the recent Meta Connect event, Zuckerberg unveiled two major products: the Orion AR glasses and the Quest 3S virtual reality headset. These innovations represent Meta’s ongoing commitment to immersive technologies, even as the company reduced its metaverse budget by 20% in 2024 and aims to cut Reality Labs’ expenses by 2026. Reality Labs, responsible for Meta’s AR and VR developments, has faced significant financial losses, totaling $60 billion since 2019.
However, the company’s pivot to AI has breathed new life into its business strategy. Zuckerberg has emphasized the importance of focusing on artificial intelligence to drive future growth. In a recent earnings call, he mentioned Meta’s plans to expand its AI efforts, including its release of open-source AI models and the success of its AI-powered Ray-Ban Meta glasses.
Despite these changes, Meta continues to face challenges, particularly in its metaverse division. Yet, Zuckerberg remains optimistic, believing that smart investments in AI will lead to sustained long-term growth for both Meta and the broader tech industry.
