- Elon Musk becomes the world’s third-richest person as Meta’s shares drop, causing Mark Zuckerberg’s fortune to plummet by $18 billion.
- Tesla’s post-earnings rally boosts Musk’s wealth by $5.8 billion, solidifying his position above Zuckerberg.
- Meta’s stock decline is attributed to lower-than-expected sales projections and increased spending estimates, raising investor concerns.
Elon Musk has surpassed Mark Zuckerberg in wealth once again, solidifying his position as the world’s third-richest billionaire. This shift comes as Meta Platforms, formerly Facebook, experiences an $18 billion loss in market value due to a significant drop in its shares. Meanwhile, Musk’s wealth grew by $5.8 billion as Tesla’s stock continued to rally following positive earnings reports.
The reversal in rankings occurred earlier this month when Zuckerberg briefly overtook Musk, following news of Tesla’s decline in vehicle deliveries. However, Meta’s shares plummeted after the company announced lower-than-expected sales projections for the second quarter, coupled with increased spending estimates for the year. These developments have raised questions among investors about the company’s future, particularly regarding its investments in artificial intelligence.
While Meta’s stock remains up by 25% for the year, the recent decline reflects concerns about the company’s profitability and the payoff from its AI initiatives. In contrast, Tesla’s stock surged following Musk’s pledge to introduce more affordable vehicles, alleviating worries about disappointing earnings and growth prospects. The stark difference in stock performance underscores the ongoing volatility in the tech industry and its impact on the fortunes of its top players.
