Mark Zuckerberg's Fortune Grew $44 Billion This Year

Zinger Key Points
  • Meta platform's Instagram is coming up with a new Twitter-like text app.
  • Zuckerberg now ranks as the 12th richest person, with a net worth of $89.9 billion.

Meta Platforms Inc. META CEO Mark Zuckerberg's fortune has grown by about $44 billion this year. 

According to the Bloomberg Billionaires Index, Zuckerberg now ranks as the 12th richest person on the list, with a net worth of $89.9 billion.

Just above him are Francoise Bettencourt Meyers, who sits in the 11th spot at $91 billion, and Carlos Slim, who sits in the number 10 spot with a net worth of $91 billion. 

On Friday, Meta shares traded lower by 0.93% at $244.55 as broader markets fell in response to uncertainty over the debt ceiling.

Meanwhile, Meta platform's Instagram is coming up with a new Twitter-like text app that could arrive as soon as June. The app will reportedly feature a single sign-in with one's Instagram details, according to a post from Lia Haberman's ICYMI newsletter. The user's handle, bio, and verification details will carry over from Instagram. 

Also Read: Harvard Expert Says Zuckerberg Is Derailing Facebook

"Meta could be challenged to bring Twitter users to its platform," Bloomberg's Intelligence analysts said in a note. "It may be a threat to Twitter, whose engagement has likely been hurt by charging its heavy users a monthly subscription fee."

Meta's revenue outlook is also brightening, Loop Capital Markets analysts Rob Sanderson and Alan Gould told Bloomberg recently. Both analysts have a target of $320 a share, compared with Friday's closing price of $244.55.

Now Read: Mark Zuckerberg's Path Not Taken: Facebook Founder's Dad Offered Him Harvard Education Or McDonald's Franchise

Photo: Shutterstock

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