MUSK OVERTAKES ZUCKERBERG AGAIN AFTER META'S STOCK CRASHES

Elon Musk has once again surpassed Mark Zuckerberg in wealth, with Meta Platforms Inc. experiencing a significant decline in shares, resulting in Zuckerberg losing approximately $20 billion in net worth. The decline in Meta's shares, the largest since October 2022, followed the company's revision of its spending estimates for the year and a projection of second-quarter sales below Wall Street expectations. Concerns have resurfaced regarding the potential return on investment from Meta's artificial intelligence initiatives.

Amid worries over the company's second-quarter sales performance, Meta's shares fell more than 16% in New York on Thursday. Zuckerberg's fortune dropped by $20 billion in a single day as a result of this steep dip, making it the billionaire with the fourth-largest net worth decline among those monitored by the Bloomberg Billionaires Index.

A significant change happened in the financial scene once it was revealed that Tesla car deliveries had decreased in the three months prior to March. Elon Musk, 52, saw his fortune increase by $400 million to $178 billion, while Mark Zuckerberg's net worth remains at $155 billion. Musk's wealth increase is correlated with Tesla's stock continuing to rise after the company released its earnings report. Interestingly, Tesla's stock has risen by 22% this year and has been trading at almost all-time highs during the last month. Part of the reason for this ongoing optimistic trend is the excitement around the developments in artificial intelligence.

The shares of Austin-based Tesla increased by 12% on Wednesday as a result of Musk's promise to release more reasonably priced cars as soon as this year. This news served to allay worries about weak profitability and diminished growth potential. Tesla's stock had dropped 42% as of Tuesday's closing, making it the worst-performing company on the S&P 500 Index until this rebound.

The main sources of Musk's fortune are his holdings in Space Exploration Technologies, X, and Tesla (previously known as Twitter). Zuckerberg's wealth, on the other hand, is mostly derived from Meta stock.

2024-04-25T21:27:57Z dg43tfdfdgfd