MARK Zuckerberg’s fortune plunged $18 billion as shares of Meta Platforms tumbled, allowing Tesla’s Elon Musk to cement his status as the world’s third-richest billionaire.
Meta shares fell 11% Thursday in New York after the social media company said second-quarter sales were likely to come in below estimates. Zuckerberg’s one-day drop in net worth is the 11th-largest ever related to a stock move among those in the Bloomberg Billionaires Index, with his fortune now at $157 billion. Musk, 52, added $5.8 billion in wealth to $184 billion as Tesla stock continued its post-earnings rally.
The two billionaires switched ranks earlier this month, when Zuckerberg, 39, overtook Musk for the first time since 2020 following news that Tesla’s vehicle deliveries fell in the three months through March.
Musk derives his wealth primarily from his stake in the EV manufacturer, as well as his holdings in Space Exploration Technologies and X, formerly known as Twitter. Zuckerberg’s fortune is largely tied to Meta shares. – Bloomberg