Tesla $TSLA CEO Elon Musk is once again wealthier than Meta $META CEO Mark Zuckerberg, thanks to Meta’s big market capitalization loss this week.
Facebook parent Meta's hundred-billion-dollar market cap loss has cost Zuckerberg, while Musk's Tesla stock stopped bleeding
Tesla $TSLA CEO Elon Musk is once again wealthier than Meta $META CEO Mark Zuckerberg, thanks to Meta’s big market capitalization loss this week.
The Facebook parent company lost $132.2 billion in market capitalization on Thursday, even after it reported better-than-expected first-quarter earnings. The loss came as investors worried about the tech giant’s AI endeavors and subdued second-quarter outlook. During regular trading on Friday, Meta’s market cap slipped to $1.11 trillion.
Musk’s net worth was $184 billion as of Thursday, according to Bloomberg’s Billionaire Index. The same index lists Zuckerberg’s net worth at $157 billion, a steep fall from the $175 billion he was worth last week when he passed Musk on the rankings of the world’s richest people — albeit briefly.
Tesla this week reported dismal earnings, which revealed that its revenue growth rate had declined 9% year-over-year, its biggest drop since 2012. But investors were undeterred, as Musk promised that Tesla would begin to sell cheaper EVs soon, and the stock recovered some of its steep 2024 losses. Tesla stock is up about 22% this week, though it’s still down 31% so far this year.
Meta didn’t get the same boost after it reported its revenue was 30% higher than last year. Meta stock fell 12% following its earnings report.
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