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Mark Zuckerberg Joins $200 Billion Club

Photo: Mark Zuckerberg (Instagram)

Mark Zuckerberg, the CEO of Meta, is now worth $200 billion, putting him in a small group of the world's richest people. He joins Elon Musk, CEO of Tesla, and Jeff Bezos, the founder of Amazon, who both have net worths over $200 billion, according to the Bloomberg Billionaires Index.

Zuckerberg's wealth jumped by $72 billion this year, thanks to Meta’s stock going up by nearly 60%. The stock is now worth over $560 per share. Bezos also saw his wealth grow by $39 billion, bringing his total to $216 billion, while Musk's fortune rose by $36 billion, bringing his total to $265 billion.

The only person worth $200 billion at the start of the year besides Musk was Bernard Arnault, the CEO of luxury goods company LVMH. However, Arnault’s wealth has dropped by $30 billion this year, taking him out of the $200 billion club.

Photo: Mark Zuckerberg (Instagram)

Larry Ellison, the co-founder of Oracle, is now the fifth richest person after his fortune grew by $55 billion. Arnault and Ellison are still over $20 billion away from reaching $200 billion again.

All of these billionaires have seen their wealth grow due to excitement around artificial intelligence (AI). Investors believe that AI will boost profits in companies like Tesla, Amazon, Meta, and Oracle.

Stocks have also been helped by the Federal Reserve’s decision to cut interest rates for the first time in 18 months. Lower rates often help the economy by encouraging spending, hiring, and borrowing, which can also make stocks more attractive to investors.

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Source: Business Insider 
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