Topline
Meta founder Mark Zuckerberg overtook French luxury goods tycoon Bernard Arnault on Tuesday as the third-wealthiest person in the world, after Meta shares increased and LVMH’s shares fell.
Forbes estimates Zuckerberg’s net worth at over $175 billion as of Tuesday.
Key Facts
Zuckerberg has a net worth of about $175.5 billion as of around 2:45 p.m. EDT, following an increase of about $8.6 billion (5.1%), according to Forbes’ Real-Time Billionaires List.
Arnault, chairman and CEO of LVMH—a conglomerate that features brands like Louis Vuitton and Tiffany & Co.—has an estimated net worth of about $174.1 billion after it decreased by $588 million.
Shares of LVMH decreased slightly (0.3%) at market close, as Meta’s shares were up 5.5%, boosting Zuckerberg’s net worth.
Zuckerberg is behind Amazon founder Jeff Bezos as the world’s second-richest person, who has an estimated net worth of $183.5 billion, while Elon Musk remains the world’s wealthiest person with an estimated net worth of $223.6 billion.
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Big Number
13.4%. That’s how much shares of LVMH are down on the year as of Tuesday, despite surging as much as 22% through March 13. Meta’s shares are up nearly 45% on the year, and its recent surge comes after the company reported its second-quarter profit rose by 73%. Meta also reported earnings of $5.16 per share, beating out estimates of $4.72 per share.
Key Background
The top of our billionaire tracker has shuffled in recent months. Arnault held the title of the world’s wealthiest person earlier this year before being overtaken by Musk, who took over the second-place spot from Bezos in May after holding onto the top spot for more than two years. Bezos and Arnault traded spots as the world’s second-wealthiest person numerous times in June, following a similar back-and-forth with Musk for the same ranking in March.
Further Reading
Exxon acquiring Pioneer for nearly $60 billion, a mysterious respiratory illness affecting dogs across the U.S. and the challenges against transgender health care. Before joining Forbes, he covered the Black Mountain, North Carolina community for the Asheville Citizen Times. Ty earned his bachelor’s degree in journalism from Auburn University and his master’s degree in journalism from Northwestern University. Email him at troush@forbes.com.
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