Mark Zuckerberg is now the world’s second-richest person, ahead of Amazon founder Jeff Bezos, after shares of Facebook’s parent company Meta rose sharply on its strong second-quarter results.
The founder and chief executive of Meta now has a personal fortune worth $206 billion, according to the Bloomberg Billionaires Index. That puts him $1 billion ahead of Mr Bezos and $50 billion behind Tesla’s founder and chief executive Elon Musk, the world's richest man.
The majority of Mr Zuckerberg's wealth is derived from his 13 per cent stake in the Menlo Park, California-based firm, the world’s biggest social media company.
Mr Zuckerberg has seen his fortune grow $78 billion so far this year, the most of any of the world’s 500 richest people tracked by the Bloomberg index. The 40-year-old has gained four spots this year on the wealth index. He was also one of the biggest wealth movers of 2023.
He could receive a payout of about $700 million a year from Meta's first-ever dividend announced for investors this year. In February, Meta announced plans to buy back an additional $50 billion in shares and issue its first quarterly dividend since listing in May 2012.
Meta shares have risen 23 per cent since it reported better-than-expected sales in the second quarter. The stock closed at an all-time high of $582.77 on Thursday.
The Facebook parent beat Wall Street estimates for revenue and profit in the second quarter. It reported revenue growth of 22 per cent annually to $39.07 billion in the three-month period, marking a fourth straight quarter of growth in excess of 20 per cent. Net income jumped 73 per cent to $13.47 billion.
It is spending heavily on artificial intelligence, virtual reality and augmented reality technology, a big area of focus for investors. Meta has been pouring money into data centre infrastructure and computing power that Mr Zuckerberg said is necessary to stay ahead of the competition.
In 2022, Mr Zuckerberg shed $71 billion – or 57 per cent – from his net worth as the stock market bear run eroded the personal wealth of many of the world’s technology billionaires.
A billionaire’s net worth is typically tied to the equity of their companies and can live and die on the back of volatile global stock markets.
Mr Zuckerberg's wealth rout began in February 2022, when he fell out of the list of the world’s top 10 wealthiest people – and the elite $100 billion club – for the first time since 2015, Reuters reported.
At the time, he lost $29 billion of his net worth after Meta’s stock recorded its biggest one-day fall on February 4, when it dropped by 26 per cent and erased more than $200 billion from the company’s market capitalisation.
Mr Zuckerberg’s one-day wealth decline in February 2022 is among the biggest in history and came after Mr Musk’s $35 billion single-day paper loss in November 2020, Reuters reported. The Facebook founder ended 2022 with a net worth of $44 billion and was ranked the world's 25th-wealthiest person, down from a high of number three in 2021.
However, Mr Musk holds the world record for the biggest wealth loss in history after shedding $182 billion from his net worth between November 2021 and January 2023, the Guinness World Records said.
In March this year, Mr Musk was knocked off his perch as the world’s richest person after the electric vehicle maker’s shares tumbled. In the span of only one day, Mr Musk lost $17.6 billion from his personal fortune, pushing him out of the $200 billion club and into second place on the index below Mr Bezos.
Mr Zuckerberg started Facebook at Harvard in 2004 at the age of 19 for students to match names with photos of classmates. He took Facebook public in May 2012 and now owns about 13 per cent of the company's stock, according to Forbes magazine.
Facebook changed its name to Meta Platforms in November 2021 in a sign it was shifting the company's focus to the metaverse.
In December 2015, Mr Zuckerberg and his wife, Priscilla Chan, pledged to give away 99 per cent of their Meta stake over their lifetimes.
Top 10 richest people in the world
1. Elon Musk – $256 billion
2. Mark Zuckerberg – $206 billion
3. Jeff Bezos – $205 billion
4. Bernard Arnault – $193 billion
5. Larry Ellison – $179 billion
6. Bill Gates – $161 billion
7. Larry Page – $150 billion
8. Steve Ballmer – $145 billion
9. Warren Buffett – $143 billion
10. Sergey Brin – $141 billion
Source: Bloomberg Billionaires Index
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Killing of Qassem Suleimani
Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
3pm: Al Yasmeen – Maiden (PA) Dh40,000 (D) 1,700m; Winner: AS Hajez, Jesus Rosales, Khalifa Al Neyadi
3.30pm: Al Ferdous – Maiden (PA) Dh40,000 (D) 1,700m; Winner: Soukainah, Sebastien Martino, Jean-Claude Pecout
4pm: The Crown Prince Of Sharjah – Prestige (PA) Dh200,000 (D) 1,200m; Winner: AF Thayer, Ray Dawson, Ernst Oertel
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup – Handicap (TB) Dh200,000 (D) 2,000m; Winner: George Villiers, Antonio Fresu, Bhupat Seemar
5pm: Palma Spring – Handicap (PA) Dh40,000 (D) 2,000m; Winner: Es Abu Mousa, Antonio Fresu, Abubakar Daud
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
