Elon Musk beats Mark Zuckerberg as richest man, again

Even though Facebook's parent company posted better-than-expected first-quarter profitability, it nevertheless saw a $132.2 billion decline in market capitalisation on Thursday, according to Quartz.

Investors who were alarmed by the tech giant's AI initiatives and muted second-quarter projections contributed to the loss. On Friday during regular trade, Meta's worth decreased to $1.11 trillion.

As of Thursday, Musk's net worth was $184 billion, based on Bloomberg's Billionaire Index. According to the same index, Zuckerberg's net worth has dropped significantly from the $175 billion that was estimated for him last week to $157 billion.

This occurred just a few days after Tesla released its disappointing earnings results, showing that its revenue growth rate had decreased by 9% year over year — the largest decrease since 2012. Musk assured investors that Tesla would soon start selling EVs at a lower price, so investors remained unfazed.

Even after the tech company revealed that its revenue was 30% greater than the previous year, Meta did not see the same level of investor trust.

Meta's stock dropped 12% when the company released its earnings. Investors seemed fixated on Meta's AI initiative and its dismal revenue forecast for the second quarter; the social media company estimated it would bring in between $36.5 billion and $39 billion.