Tesla CEO Elon Musk is once again wealthier than Meta CEO Mark Zuckerberg, and that’s thanks to Meta’s market capitalization loss.
The Facebook parent company lost $132.2 billion in market capitalization on Thursday even after it reported better-than-expected first-quarter earnings. The loss was in part driven by spooked investors who worried about the tech giant’s AI endeavors and subdued second quarter outlook. Meta now has a $1.12 trillion valuation.
Musk’s net worth is $184 billion as of Thursday, according to Bloomberg’s Billionaire Index. The same index lists Zuckerberg’s net worth at $157 billion, a steep fall from the $175 billion he was said to be worth last week.
That comes just days after Tesla reported dismal earnings, which revealed that its revenue growth rate had declined 9% year-over-year, its biggest drop since 2012. Nonetheless, investors were undeterred, as Musk promised that Tesla would begin to sell cheaper EVs soon.
Meta, however, did not face the same fate of investor confidence even after the tech giant reported its revenue was 30% higher than last year. Shares of Meta fell 12% following its earnings report. Investors appeared to be stuck on Meta’s AI push and its gloomy second quarter revenue, which it predicted would be between $36.5 billion to $39 billion.