USA

USA

INDIA

India

BANGLADESH

BANGLADESH

NEPAL

Nepal

FIJI

FIJI

PAKISTAN

Pakistan

Melody Media Productions

Excellence in Broadcasting!

Pervez Saleem

(Producer/Director)

Elon Musk beats Mark Zuckerberg as richest man, again

Courtesy: Geo News/AFP

Because of Meta’s most recent decline in market value, Elon Musk, the CEO of Tesla, has once again surpassed Mark Zuckerberg, the owner of Facebook, Instagram, WhatsApp and Threads.

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.

1- Header image: Mark Zuckerberg lose to Elon Musk in richest man race. — AFP/File

Disclaimer:
Sada-E-Watan provides news and opinion articles as a service to our readers. These articles and news items come from sources outside of our organization. Where possible, the author and the source are documented within each article. Statements and opinions expressed in these articles are solely those of the author (reporter/newspaper) or authors (reporters/newspapers) and may or may not be shared by the staff and management of Sada-E-Watan. Sada-E-Watan was created to provide one convenient central location where a user can quickly scan headlines from many news sources. The headlines listed on Sada-E-Watan pages are links to stories on the sites where these stories are located. The goal of Sada-E-Watan is to help readers access stories on web sites that they would normally not have time to view on a regular basis and to add value to the news source sites by mentioning their name on top, so readers can view these sites..

The Sada-E-Watan takes no responsibility for any loss or damage suffered as a result of using the linked websites or as a result of using the information published on any of the pages of the linked websites.

Whilst every effort is made to ensure downloadable content is free from viruses, Sada-E-Watan cannot accept any liability for damages resulting from virus infection. You should take adequate steps to ensure your virus check regularly when using any device.

If you have any questions or comments about Sada-E-Watan, please contact us at: radio@sada-e-watan.com