Mark Zuckerberg, CEO and owner of Meta Platforms, experienced a significant loss in his wealth on April 25th. The drop in Meta Platforms shares caused a sharp decline in Zuckerberg’s assets, resulting in a loss of $18 billion. This marked the 11th largest single-day decrease among the world’s billionaires on the Bloomberg Billionaires Index.
Zuckerberg’s fortune is largely tied to his ownership of Meta Platforms shares, which currently amount to $157 billion. With the drop in share value, Zuckerberg slipped to the 4th position on the list of the world’s richest individuals, giving way to Tesla CEO Elon Musk whose assets increased by $5.8 billion as Tesla’s shares rose.
The decline in Meta shares came after the company announced that second-quarter revenue might fall short of analysts’ expectations. Additionally, Meta raised its investment forecast in new AI products and support infrastructure to a range of $96-99 billion. The company’s increased focus on artificial intelligence has raised concerns among investors as the payoff for these investments may take years to materialize.
Despite this setback, Meta’s stock has seen a 25% increase since the beginning of the year. The company’s market capitalization currently stands at around $1,120 billion. The recent excitement surrounding AI technology has helped push Meta’s stock towards its historical peak over the past month.
While Zuckerberg’s wealth took a hit with the drop in Meta shares, Musk’s fortunes have been on the rise thanks to Tesla’s performance. As market dynamics and company performance continue to play out, we can expect changes in the competitive landscape among