Elon Musk is once again richer than Mark Zuckerberg now that fortunes have turned around
Elon Musk | Photo: Bloomberg
Mark Zuckerberg’s fortune fell by $20 billion when shares of Meta Platforms Inc. plummeted, leaving Tesla Inc.’s Elon Musk could cement his status as the third richest billionaire in the world.
Meta shares fell as much as 16% in New York on Thursday after the social media company said second-quarter revenue was likely to come in below estimates. The one-day drop in Zuckerberg’s net worth is the fourth largest ever following a stock move among stocks in the Bloomberg Billionaires Index, with his fortune now at $155 billion. Musk, 52, amassed $400 million in wealth to $178 billion as Tesla shares continued their post-earnings rally.
The two billionaires swapped ranks earlier this month, when 39-year-old Zuckerberg overtook Musk for the first time since 2020 following news that Tesla’s vehicle deliveries fell in the three months through March.
Shares of Menlo Park, California-based Meta fell the most since October 2022 on Thursday after the company raised spending estimates for the year and forecast second-quarter sales below Wall Street expectations, raising renewed questions raised questions about whether its bets on artificial intelligence will ultimately pay off for investors.
The stock is still up 22% this year and has been trading near record highs over the past month, partly due to the excitement around AI.
Shares of Austin-based Tesla rose 12% on Wednesday after Musk pledged to offer cheaper cars as early as this year, allaying concerns about disappointing earnings results and diminished growth prospects. The stock was the worst performer on the S&P 500 Index before the rally, falling 42% through Tuesday’s close.
Musk derives his wealth primarily from his stake in the EV manufacturer, as well as his interests in Space Exploration Technologies and X, formerly known as Twitter. Zuckerberg’s fortune is largely dependent on Meta stock.
The rivalry between the two billionaires extends beyond their wealth: Musk and Zuckerberg are engaged in an ongoing public feud that intensified when Meta launched Threads, a social media platform that competes with Musk’s cage. fight.
First print: April 26, 2024 | 12:15 pm IST