Elon Musk Gets Richer Than Mark Zuckerberg As Meta CEO Suffers $18 Billion Loss

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New Delhi: Meta platforms Inc. saw its shares drop by 11 percent causing Elon Musk to surpass Mark Zuckerberg. The owner of Meta, Zuckerberg saw a decrease in net worth which dropped by 18 billion dollars. This marks the 11th largest one-day net worth decline.

As a result, Zuckerberg’s net worth now stands at 157 billion dollars. Elon Musk, the owner of Tesla, climbed to become the third richest billionaire. Musk has added 5.8 billion dollars in wealth with which it stands at 184 billion dollars now. ()

Earlier this month, the two billionaires switched positions when it was reported that Tesla’s car sales had declined in the three months through March. This caused Mark Zuckerberg to surpass Elon Musk for the first time since 2020. ()

Shares of Meta, California based Meta on Thursday saw their biggest drop since October 2020. The decline came after the company raised its spending forecasts for the year and projected second quarter sales which fell below Wall Street's expectations. This has once again raised doubts about whether Meta's investments in artificial intelligence will eventually yield profits for investors.

Shares of Austin-based Tesla surged by 12 percent on Wednesday which is followed by another 5 percent surge on Thursday. This was after Musk pledged to introduce more affordable vehicles this year, calming concerns about underwhelming profit reports and slower growth. Before the rally, stock had been the poorest performer on the S&P 500 Index, dropping 42 percent until Tuesday’s close.