Elon Musk Wealth Rises, As Mark Zuckerberg Loses N1.41 trillion

The wealth of Tesla Chief Executive Officer, Elon Musk, increased by 1.16% on Thursday, while his arch-river and Facebook founder, Mark Zuckerberg lost -5.43% of his total fortune.

Musk’s fortune had risen following high demands for Tesla’s share during trading, which made the stock to close at a price of $837.05, appreciating by 1.53%, when compared to the previous day’s $824.46.

The growth in Tesla’s share positively impacted Musk’s wealth, growing it by 1.16% as at the time of filing this report. This means Musk made a whopping N1.29 trillion in a single day ($3 billion).

Musk, who has been the richest person in the world since the second quarter of last year, is now worth $258.2 billion. Recall that in November 2021, the founder of Starlink, became the first billionaire to cross $300 billion.

While Musk networth grew today, according to Forbes Billionaire Index analysed by Prime Business Africa, that of Zuckerberg suffered a significant loss during the same trading period.

The Facebook co-founder and majority shareholder, lost a whopping N1.41 trillion ($3.3 billion), which is more than what Musk gained. The loss was caused by Meta Platform’s slump on the exchange floor in the capital market.

Meta Platform, previous known as Facebook, lost -5.79% value of its share, after shareholders engaged in massive sell off. Investors were willing to sell the stock as low as $159.76 on Thursday, causing the value of the share to close below Wednesday’s $169.58.

Following the depreciation in Meta Platform’s share, Zuckerberg’s wealth also dip, hence, the N1.41 trillion loss, that sent his networth down to $57.7. He ranks as the 15th richest person in the world.

Both Elon Musk and Mark Zuckerberg do not see eye to eye, as the former doesn’t like Facebook. The Tesla boss once described the role of the Meta’s founder in the company as monarchy, faulting Facebook’s data collection practices.

In 2016, Musk’s SpaceX rocket had also destroyed a Facebook satellite following an explosion. He also blamed Facebook for the Capitol attack.