Elon Musk, CEO of Tesla, has once again overtaken Mark Zuckerberg, the owner of Meta, as Meta’s recent market value decline took a toll on Zuckerberg’s net worth. Despite Facebook’s parent company reporting better-than-expected first-quarter profits, it suffered a significant $132.2 billion drop in market capitalization, as reported by Quartz.
Investor concerns over Meta’s AI ventures and subdued second-quarter projections contributed to this loss, resulting in Meta’s market worth dwindling to $1.11 trillion during regular trade on Friday.
As of Thursday, Musk’s net worth stood at $184 billion, according to Bloomberg’s Billionaire Index, while Zuckerberg’s wealth plummeted from last week’s estimated $175 billion to $157 billion.
This shift occurred shortly after Tesla disappointed investors with a 9% year-over-year revenue growth decline, the largest dip since 2012. Despite this setback, Musk reassured investors of Tesla’s plans to introduce lower-priced electric vehicles, keeping them relatively unfazed.
Meanwhile, Meta’s earnings report, which revealed a 30% revenue increase compared to the previous year, failed to inspire the same confidence among investors. The company’s stock plummeted by 12% following the earnings release, with investor attention drawn to Meta’s AI pursuits and its bleak revenue forecast of $36.5 billion to $39 billion for the second quarter.
