tangent
Mark Zuckerberg’s net worth swelled $19.1 billion Wednesday to $212.6 billion as Meta shares soared more than 10%. The surge followed a Bloomberg report indicating Meta was developing plans to establish a cloud infrastructure business that would sell access to AI computing power and models as a potential competitor to Amazon, Microsoft and Google.
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key background
Musk’s fortune has hovered around the trillion-dollar threshold as SpaceX shares have whipsawed in their first few weeks of trading. His net worth briefly peaked at $1.45 trillion a week after the rocket maker’s historic initial public offering last month, but plummeting share prices erased more than $300 billion from Musk’s net worth. Musk, who has held the world’s richest person title since May 2024, lost his trillionaire status last week after Forbes removed $116 billion of Musk’s restricted Tesla stock from estimates of his net worth. That came after Tesla replaced Musk’s 2018 CEO performance award with a new one that pays out only if Musk remains in a senior leadership role through January 2028.
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further reading
ForbesMusk Is A Trillionaire Again: SpaceX And Tesla Boost Net Worth By $60 BillionBy Ty Roush
ForbesElon Musk Is No Longer A TrillionaireBy Matt Durot