Mark Zuckerberg, the CEO of the tech giant, lost $18 billion on Thursday after Meta finished the day down about 11% following Facebook’s parent company’s prediction of additional costs for its artificial intelligence initiatives. Meta’s market value dropped by around $170 billion, finishing at $441.38. The corporation increased its projected spending on items to support its AI infrastructure by $5 billion to as much as $40 billion, despite lower revenue. Additionally, Meta disclosed a $5 billion investment in its AI initiatives. Because of his Thursday losses, Zuckerberg now ranks far lower on the Bloomberg Billionaire Index than Elon Musk. The majority of Zuckerberg’s $157.2 billion wealth is derived from his ownership of Meta.
Musk’s comeback has knocked Bezos back to third place
The new turn of events follows Bezos’ brief period as the second wealthiest person in the world, which he attained in March after selling a sizable stake in Amazon shares. But in the billionaire ranks, Musk’s comeback has knocked Bezos back to third place. Even with their enormous riches, Musk and Bezos are lagging behind the current king of wealth, Bernard Arnault, the head of the luxury goods company LVMH. Despite a little $3.4 billion decline, Forbes reports that the Arnault family’s enormous $210.1 billion wealth continues to lead.With just $5 billion standing between him and dethroning Arnault, Musk has an enticing chance to become the richest person in the world.
The stock has been trading close to all-time highs over the past month, partly due to optimism about AI, and is still up 25% for the year. Tesla’s stock, based in Austin, rose 12% on Wednesday and an additional 5% on Thursday following Musk’s pledge to introduce more affordable cars as soon as this year, allaying investors’ fears over underwhelming profit reports and dimmed growth prospects. Prior to the rebound, the company was the poorest performer on the S&P 500 Index, down 42% as of Tuesday’s closing. Musk’s investments in Space Exploration Technologies and X, previously known as Twitter, as well as his share in the EV maker, are the main sources of his fortune. The majority of Zuckerberg’s wealth comes from Metastock.