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Elon Musk, CEO of Tesla, reclaimed the title of the world’s richest person, surpassing Mark Zuckerberg, the CEO of Meta, as Meta’s recent market downturn impacted Zuckerberg’s net worth. Despite Meta’s parent company, Facebook, reporting stronger-than-expected first-quarter earnings, it experienced a substantial $132.2 billion decline in market value, according to Quartz.
Investor apprehensions regarding Meta’s artificial intelligence initiatives and subdued projections for the second quarter contributed to this decline, resulting in Meta’s market capitalization falling to $1.11 trillion during regular trading on Friday.
Read more: How Elon Musk Became The Richest Man In The World?
As of Thursday, Bloomberg’s Billionaire Index reported Musk’s net worth at $184 billion, while Zuckerberg’s wealth dropped from an estimated $175 billion the previous week to $157 billion.
This shift occurred shortly after Tesla reported a 9% year-over-year decrease in revenue growth, its largest decline since 2012. Despite this setback, Musk reassured investors about Tesla’s plans to introduce more affordable electric vehicles, which helped mitigate concerns.
On the other hand, Meta’s earnings report, which showed a 30% increase in revenue compared to the previous year, failed to inspire confidence among investors. The company’s stock plummeted by 12% after the earnings release, with investors focusing on Meta’s AI endeavors and its less optimistic revenue forecast of $36.5 billion to $39 billion for the second quarter.
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