Mark Zuckerberg, founder and chief executive of Meta, which owns Facebook, Instagram, Whatsapp and Threads, is worth an estimated $217 billion. Until recently you wouldn't have known it from his wardrobe choices.
On Tuesday, Zuckerberg posted a video online explaining that Meta would be rolling back third-party fact-checking across Facebook and Instagram and inviting more political content. He outlined this while wearing a baggy black T-shirt, messy hair, a now ubiquitous gold medallion around his neck, and a rare Greubel Forsey Hand Made 1 watch.
The watch, entirely hand assembled, decorated and machined, is one of only three made yearly and costs $895,500 (Dh3.2 million).
Since founding Facebook in 2004, little has changed in the way Zuckerberg dresses, with unwavering loyalty to the tech bro uniform of T-shirt, hoodie, jeans and trainers. Sported by other Silicon Valley chief executives and those around the world who try to emulate them, other fans of the pared-back look have included Sam Bankman-Fried, who, before being jailed when FTX collapsed, always looked laid back to the extreme, despite running an operation once estimated to be worth $26billion.
A simple uniform to eliminate decision fatigue is not a new idea. Albert Einstein had multiples of the same grey suit, while Steve Jobs rarely ventured beyond his wardrobe of Issey Miyake black turtlenecks, blue jeans and New Balance trainers.
In an interview in 2014, Zuckerberg explained why he favoured such a limited wardrobe. “I’m not a cool person and I’ve never really tried to be cool," he said. "I really want to clear my life so that I have to make as few decisions as possible … I feel like I’m not doing my job if I spend any of my energy on things that are silly or frivolous.”
Looking dishevelled quickly became a way for entrepreneurs in the tech startup world to establish legitimacy. Showing up too well dressed to a meeting might even harm one's chances of raising venture capital funding.
Zuckerberg had to quickly shift this thinking in April 2018 when he was summoned to a congressional hearing to explain why social media companies had failed to protect children from harmful online content. Perhaps sensing jeans and a T-shirt would not cut it in this context, Zuckerberg arrived in a slate blue suit, white shirt and light blue tie. With his normally messy hair cropped short, the overall look was so out of character it prompted New York Magazine's The Cut to pen a story titled Who's This Little Sweetie in a Big-Boy Suit?
When the hearing ended, it did not take long for Zuckerberg to return to his standard look and, in fact, the only difference in his dressing over the past two decades is not how it has evolved, but how deep his pockets have become. As his bank balance swelled from student to millionaire in 2006 and then billionaire in 2012, he has swapped high street for high-end, inadvertently delving into the "quiet luxury" trend via Loro Piana, (cotton T-shirt, Dh2,843) and Brunello Cucinelli (zip-fronted hoodie, Dh7,829).
Last year, however, he seriously upped his fashion game – presumably linked to his turning 40. He has grown out the crop into a halo of curls and, in February, he and his wife Priscilla attended Ambani's pre-wedding festivities in India wearing matching Alexander McQueen. His jacket, embroidered with dragonflies, retails for more than $7,000, while the flamboyant look he wore the following day, by Indian designer Rahul Mishra, is so ornate that it is listed as price-on-request.
In May last year, around his milestone birthday, he released an image of himself seated at his computer, with a thick gold chain around his neck and a graphic print T-shirt bearing the Latin phrase "Carthago delenda est", or "Carthage must be destroyed", the cry of Roman Senator Cato the Elder, who died in 149 BC.
In July, he uploaded a new Meta AI update that allows users to add a prompt to generate a new image, and he can be seen asking the app to imagine him, among other things, as a streetwear designer in LA. At other times he has been spotted wearing a sheepskin jacket, and even a collarless leather jacket.
At the Meta Connect event in September, he took to the stage wearing a boxy, oversized T-shirt printed with “aut Zuck, aut nihil," Latin for "either Zuck or nothing", and swapped mid-wash jeans for on-trend dark denim and adidas 4DFWD x Strung trainers (Dh1,399).
This look outlines the biggest shift in the tech billionaire's wardrobe – that while his clothes are better, the real upgrade is on his wrist. To finish this outfit, he wore an F P Journe's Centigraphe Sport Aluminium watch.
Since attending the Ambani wedding, where he commented "watches are cool" after seeing the groom wearing a Richard Mille RM 52-04 Skull Blue Sapphire watch, reportedly worth almost Dh10 million, he has thrown himself into collecting.
He has already been spotted wearing a Patek Philippe Perpetual Calendar 5236P, worth around Dh500,000 and a De Bethune DB25 Starry Varius that starts at around Dh434,000. He also owns an F P Journe Chronometre Souverain Havana, which, in comparison, feels like entry-level at Dh145,000.
Now with the Greubel Forsey on his wrist, Zuckerberg is proclaiming he has outgrown his dishevelled tech boy image, and is now a collector of note, even if the rest of us still see him as a little sweetie with a big-boy watch.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
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The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com