Elon Musk Overtakes Zuckerberg as World's Third-richest

Mark Zuckerberg's wealth fell by $20 billion as shares of Meta fell, allowing Tesla's CEO Elon Musk, owner of , to strengthen his position as the third richest billionaire in the world.

Shares of Meta fell as much as 16% on Thursday in New York, after the social media company said Q2 sales were likely to come in below estimates.

The one-day drop in Zuckerberg's net worth is the fourth-largest decline ever linked to stock movement among those in the Bloomberg Billionaires Index, where his fortune now stands at $155 billion.

Musk gained about $400 million, bringing his wealth to $178 billion, with Tesla shares continuing to rise after profits.

Meta's shares fell on Thursday by the most since October 2022, after the company increased its spending estimates for this year and expected Q2 sales to be lower than expectations, again raising questions about whether Its bets on AI would eventually pay off for investors.

Tesla shares rose 12% on Wednesday, after Musk pledged to introduce less expensive cars as soon as this year. The stock was the worst performer on the S&P 500 before its rally, falling 42% through Tuesday's close.