The first half of 2024 was a rollercoaster ride for the world’s tech billionaires, with fortunes rising and falling in response to strategic business moves, market dynamics, and broader economic trends.
Here’s a closer look at how the top tech magnates navigated the year’s first six months and what drove the changes in their wealth.
Elon Musk: The visionary gambler
Net Worth: $205.4 billion (June 2024) | Up $54.1 billion from February 2024
Elon Musk’s journey in the first half 2024 was nothing short of dramatic. After starting the year as the world’s richest person, Musk saw his net worth plummet by $68.7 billion in January following a Delaware court’s ruling that slashed his compensation package and a weaker-than-expected sales forecast from Tesla.
However, his fortunes rebounded in March when Tesla’s stock surged, adding $27 billion to his net worth.
The most significant boost came in May when Musk regained the title of the world’s richest person. This resurgence was largely driven by his new AI venture, xAI, which raised $6 billion from private investors, valuing the company at $24 billion.
Jeff Bezos: Steady growth amidst challenges
Net Worth: $203.2 billion (June 2024) | Up $34.8 billion from January 2024
Jeff Bezos, who started the year at $168.4 billion, saw a consistent rise in his wealth throughout the first half of 2024, primarily driven by the steady performance of Amazon.
In the wake of global economic challenges, Amazon’s stock showed resilience, particularly benefiting from strong growth in its cloud computing arm, AWS, and its continued dominance in e-commerce.
However, April posed a challenge as Amazon’s shares took a hit, leading to a $5 billion drop in Bezos’s wealth. Despite this, Bezos’s overall net worth by June was bolstered by a rebound in Amazon’s stock, reflecting the company’s strategic investments in AI and logistics automation, which have kept Amazon ahead of its competitors.
Mark Zuckerberg: Betting big on AI, quietly dumps Metaverse
Net Worth: $176.5 billion (June 2024) | Up $51.2 billion from January 2024
Mark Zuckerberg’s fortunes saw a remarkable climb in early 2024, driven by Meta’s aggressive push into AI. Zuckerberg added $35 billion to his net worth in February alone, as Meta’s stock surged on the back of positive market reception to its new AI-powered tools.
However, the momentum slowed in April, with Meta’s stock dropping 13%, erasing $19 billion from Zuckerberg’s wealth.
Despite this, his overall net worth by June reflected a significant increase from the start of the year, signalling investor confidence in Meta’s long-term vision and its potential to shape the future of digital interaction.
Larry Ellison: Oracle’s strategic shifts
Net Worth: $153.7 billion (June 2024) | Up $18.4 billion from January 2024
Larry Ellison experienced a mixed first half of 2024, with his net worth seeing both significant gains and losses. Oracle’s stock surged in March, driven by its expanding cloud infrastructure services and strong earnings reports, which lifted Ellison’s wealth by nearly 16%.
However, by April, Oracle faced competitive pressures and investor concerns about its ability to maintain growth momentum, leading to a $13 billion drop in Ellison’s net worth.
Despite this volatility, Ellison ended June with a net worth that was still considerably higher than at the beginning of the year, thanks to Oracle’s strategic positioning in the cloud market.
Larry Page and Sergey Brin: The AI push
Net Worth: $145.1 billion (Page) & $139 billion (Brin) – June 2024 | Up $27.9 billion (Page) & $26.6 billion (Brin) from January 2024
Alphabet co-founders Larry Page and Sergey Brin saw their wealth fluctuate but ultimately increase in the first half of 2024. Alphabet’s stock initially fell in February, but a significant turnaround occurred in March when the company announced groundbreaking advancements in AI, leading to an $11 billion increase in Page’s fortune.
This momentum was maintained through strategic investments in AI, which helped Alphabet regain investor confidence despite mid-year volatility.
By June, Page and Brin had substantially higher net worths, reflecting the market’s recognition of Alphabet’s leadership in AI and its potential to disrupt multiple industries.
Bill Gates and Steve Ballmer: Microsoft’s mixed results
Net Worth: $131 billion (Gates) & $126.5 billion (Ballmer) – June 2024 | Up $11.4 billion (Gates) & $14.3 billion (Ballmer) from January 2024
Bill Gates and Steve Ballmer, both with significant stakes in Microsoft, experienced a less dramatic but positive trajectory in the first half of 2024.
Microsoft’s stock saw modest gains, driven by the continued success of its cloud services and AI initiatives. However, it wasn’t without setbacks—April saw a drop in Microsoft’s stock, resulting in a temporary dip in both Gates’ and Ballmer’s fortunes.
By June, both tech titans had recovered, reflecting the steady, if unspectacular, performance of Microsoft in a competitive tech landscape. Ballmer’s diverse investments, including his ownership of the Los Angeles Clippers, also contributed to his wealth, which continued to grow despite the fluctuations in Microsoft’s stock.
Why is this important to you?
Understanding how tech billionaires manage and grow their wealth isn’t just a matter of curiosity—it’s a glimpse into the forces shaping the future.
These individuals are at the helm of companies that influence the technology we use every day, from the apps on our phones to the AI tools in our workplaces. The strategic decisions they make, the industries they invest in, and the innovations they drive will impact job markets, consumer trends, and even global economies.
For investors, tracking these trends offers insights into potential opportunities and risks. For professionals in the tech industry, understanding these shifts can help anticipate changes in the job market and prepare for emerging technologies. For everyday consumers, this knowledge empowers them to be more informed about the products and services they rely on.
By following the financial and strategic moves of these tech giants, you’re not just watching a wealth race—you’re gaining a better understanding of the trends that will shape our world in the years to come.
Now, what’s happening in Q3 2024?
(non-tech/related billionaires were omitted)
- Elon Musk – Net worth: $221.4 billion, Source: Tesla, SpaceX, X (Twitter)
- Jeff Bezos – Net worth: $210.2 billion, Source: Amazon
- Mark Zuckerberg – Net worth: $176.8 billion, Source: Meta (Facebook)
- Larry Ellison – Net worth: $173 billion, Source: Oracle
- Larry Page – Net worth: $150.3 billion, Source: Google
- Sergey Brin – Net worth: $143.9 billion, Source: Google
- Bill Gates – Net worth: $133.4 billion, Source: Microsoft, investments
- Steve Ballmer – Net worth: $130.7 billion, Source: Microsoft, Clippers, investments
- Elon Musk – Net worth: $240.7 billion, Source: Tesla, SpaceX, X (Twitter)
- Jeff Bezos – Net worth: $204.8 billion, Source: Amazon
- Larry Ellison – Net worth: $172.6 billion, Source: Oracle
- Mark Zuckerberg – Net worth: $166.6 billion, Source: Meta (Facebook)
- Larry Page – Net worth: $142.2 billion, Source: Google
- Sergey Brin – Net worth: $136.1 billion, Source: Google
- Bill Gates – Net worth: $130.9 billion, Source: Microsoft, investments
- Steve Ballmer – Net worth: $124 billion, Source: Microsoft, Clippers, investments
- Elon Musk – Net worth: $243.7 billion, Source: Tesla, SpaceX, X (Twitter)
- Jeff Bezos – Net worth: $197 billion, Source: Amazon
- Mark Zuckerberg – Net worth: $180.5 billion, Source: Meta (Facebook)
- Larry Ellison – Net worth: $174.7 billion, Source: Oracle
- Bill Gates – Net worth: $137.2 billion, Source: Microsoft, investments
- Larry Page – Net worth: $136.1 billion, Source: Google
- Sergey Brin – Net worth: $130.4 billion, Source: Google
- Steve Ballmer – Net worth: $122.5 billion, Source: Microsoft, Clippers, investments
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
