Topline
Meta chief Mark Zuckerberg overtook Michael Dell as the world’s fourth-richest person Thursday, jumping yet another place in the billionaire ranks as Meta shares popped over 4% following the release of its personal artificial intelligence agent Muse.
Mark Zuckerberg, CEO of the Facebook parent company Meta, is speaking at the Meta Connect developer conference.
Photo by Andrej Sokolow/picture alliance via Getty Images
Key Facts
Zuckerberg’s estimated net worth reached $266.4 billion Thursday, as Meta jumped 4.5% to $777.59 per share for its highest close of the year.
Meta shares are now up 17.8% since the start of the year and have rallied since the release of Muse early this month.
As Zuckerberg’s fortune rose, Dell’s dropped nearly $5 billion dollars Thursday to $265.4 billion.
Shares of Dell Technologies closed down 2.5% at $536.02, marking their fifth-straight day of losses.
Surprising Fact
The nearly 9% slide for Dell shares this week is a bump in the road for the stock, which has soared 325% since the start of the year, when shares were priced around the $127 mark.
Tangent
Muse recently reached the top of the App Store’s top free apps, surpassing ChatGPT.
Key Background
Dell’s net worth has spiked in September, briefly catapulting the CEO to No. 2 on the Forbes billionaire list as he passed Google co-founder Larry Page. Dell Technologies has cashed in on the massive hardware demand behind the AI boom, reporting a record $47 billion in revenue in its latest earnings report, with $16.4 billion in revenue coming from its AI server business. While Meta’s stock has not surged as much, the company logged a 28% jump in revenue in its second quarter earnings, reaching $60.8 billion. The Facebook parent company is investing heavily in AI and expects capex of $130 billion to $145 billion this year.
Further Reading
Michael Dell Hits No. 2 On Forbes Billionaire List For First Time—Passing Larry Page (Forbes)
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