Elon Musk Surpasses Mark Zuckerberg Again As Meta Shares Plunges

(CTN News) – Shares of Meta Platforms Inc., the parent company of Facebook, took a sharp nosedive on Thursday, plummeting by 11%.

This dramatic decline not only shook the stock market but also led to a significant shift in the billionaire hierarchy, with Elon Musk, the maverick CEO of Tesla, surging past Mark Zuckerberg in net worth.

The Meta owner’s net worth took a substantial hit, plunging by a staggering $18 billion, marking it as the 11th largest one-day drop in net worth in history. Consequently, Mark Zuckerberg’s worth now stands at $157 billion, as per Bloomberg Billionaires Index.

On the flip side, Elon Musk’s fortunes soared, with a $5.8 billion wealth surge, elevating his total net worth to a formidable $184 billion, securing him the position of the third richest billionaire.

This exchange of positions between Musk and Zuckerberg comes in the wake of recent developments. Earlier this month, Tesla’s quarterly car sales recorded a decline, causing Zuckerberg to surpass Musk in wealth for the first time since 2020.

The seesaw battle for supremacy not only reflects the volatile nature of the tech industry but also underscores the intense rivalry between the two titans.

Musk vs. Zuckerberg: Beyond Net Worth

The rivalry between Musk and Zuckerberg extends far beyond their net worth standings. Both have been embroiled in public disputes on numerous occasions, highlighting their divergent visions and approaches towards technology and its societal implications.

Thursday’s stock plunge marked Meta’s most significant decline since October 2022. The catalyst behind this downturn was Meta’s revised annual spending estimates and tepid second-quarter sales projections, which failed to meet Wall Street’s expectations.

Investors grew wary about Meta’s ambitious investments in artificial intelligence, raising doubts about whether these endeavors will yield substantial returns in the long run.

In stark contrast, Tesla’s fortunes witnessed a remarkable turnaround. The electric car manufacturer’s shares surged by 12% on Wednesday and an additional 5% on Thursday following Elon Musk’s announcement of plans to introduce more affordable vehicles as early as this year.

This strategic move allayed investors’ concerns regarding lackluster profit reports and subdued growth prospects.

Prior to this resurgence, Tesla had been languishing as the poorest performer on the S&P 500 Index, with its shares down by a substantial 42%.

Elon Musk & Mark Zuckerberg’s Expansion Drive:

Elon Musk’s focus on expanding Tesla’s footprint in Asian markets underscores his relentless pursuit of growth opportunities beyond traditional boundaries.

Meanwhile, Mark Zuckerberg remains deeply engrossed in Meta’s evolution, spearheading innovations and introducing new features centered around artificial intelligence within the Meta ecosystem.

As the battle for supremacy in the tech world intensifies, Musk and Zuckerberg continue to chart divergent paths, each driven by their distinct visions for the future of technology and its impact on society.

While fluctuations in net worth may serve as fleeting indicators of their success, the enduring legacy they leave behind will be defined by their transformative contributions to the digital age.