Zuckerberg’s one-day drop in his net worth was the fourth largest ever for a stock on the Bloomberg Billionaires Index.
Mark Zuckerberg is $20 billion poorer as Meta Platforms shares tumble, allowing Tesla’s Elon Musk to cement his status as the world’s third-richest billionaire. Bloomberg wrote this on Thursday, April 25.
Meta shares fell 16% after the company said second-quarter sales were likely to fall short of expectations. At the same time, Elon Musk increased his wealth by $400 million to $178 billion as Tesla shares rose.
“Earlier this month, the billionaires switched ratings: Zuckerberg, 39, surpassed Musk for the first time since 2020 after news of a drop in Tesla’s car deliveries,” the publication points out.
Menlo Park, Calif.-based Meta shares. fell the most since October 2022 on Thursday after the company raised its full-year cost estimates, Bloomberg pointed out. Tesla shares started to rise after Musk promised to offer cheaper cars this year.
Musk’s wealth comes primarily from his stake in the electric vehicle company, as well as his holdings in Space Exploration Technologies and X, formerly known as Twitter. Zuckerberg’s fortunes are largely tied to Meta stock.
“The rivalry between the two billionaires goes beyond their wealth: Musk and Zuckerberg became embroiled in an increasingly public dispute when Meta launched Threads, a social media platform that competes with Musk’s X,” the publication added.
The US Department of Transportation fined Musk’s company Neuralink for violating regulations on the movement of hazardous materials.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.