Elon Musk is now richer than Mark Zuckerberg, as per a Bloomberg report. Earlier this month, the two billionaires swapped positions when Zuckerberg, surpassed Musk for the first time since 2020.
Musk once again richer than Zuckerberg as Meta suffers fourth-largest loss
Mark Zuckerberg lost a huge $20 billion when Meta Platforms Inc. shares fell, bumping Elon Musk of Tesla Inc. up to the third richest billionaire spot.
Shares of Meta, headquartered in Menlo Park, California, saw their biggest drop since October 2022 on Thursday. This came after the company raised its spending estimates for the year and predicted second-quarter sales that fell short of what Wall Street had anticipated. Once again, doubts arose about whether Meta’s investments in artificial intelligence would eventually benefit investors.
Meta’s shares dropped by over 16% in New York on Thursday after the company said its sales for the second quarter might not meet expectations. This caused Zuckerberg’s wealth to go down by $20 billion in just one day, making it the fourth biggest drop in net worth among billionaires tracked by the Bloomberg Billionaires Index.
This shift happened after news broke that Tesla’s vehicle deliveries had decreased in the three months leading up to March. Now, Zuckerberg’s money sits at $155 billion. Meanwhile, Elon Musk, who’s 52, saw his wealth go up by $400 million to $178 billion as Tesla’s stock kept rising after its earnings report.
Tesla jumps 12% after Musk pledges cheaper cars
The stock is still showing a 22% increase for the year and has been trading close to its highest levels ever for the past month, partly due to the excitement surrounding AI.
Tesla, headquartered in Austin, saw its shares jump by 12% on Wednesday after Musk promised to introduce more affordable vehicles as early as this year. This helped alleviate worries about disappointing earnings and reduced growth prospects. Before this rally, the stock had been the worst performer on the S&P 500 Index, dropping by 42% up to Tuesday’s closing.
Musk mainly earns his wealth from his ownership in the electric vehicle company, along with his interests in Space Exploration Technologies and X, formerly known as Twitter. Zuckerberg’s fortune is mostly connected to Meta shares.
