Mark Zuckerberg’s wealth took a significant hit yesterday, as Meta Platforms shares dropped by 11% and caused a sharp decline in the assets of the CEO. By the end of trading on April 25, Meta Platforms shares had fallen by $18 billion, resulting in a loss for Zuckerberg. This marked the 11th largest single-day decrease among the world’s billionaires on the Bloomberg Billionaires Index.
Zuckerberg’s wealth is largely tied to his ownership of Meta shares, which currently amount to $157 billion. The decline in share value led to Zuckerberg slipping to the 4th position on the list of the world’s richest individuals, making way for Tesla CEO Elon Musk. Musk’s 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 yesterday’s drop, 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
