Despite facing challenges, Meta has reported year-on-year revenue growth in each of the past three quarters, with revenues up 23% in the latest quarter. Meanwhile, Tesla's market cap drop reflects disappointing numbers reported in the latest quarter, with net profit down 44% year-on-year. The competition from traditional car companies is intensifying, and Tesla's premium is expected to shrink. Both Musk and Zuckerberg are focusing on AI, with Meta launching AI-powered chatbots and Musk seeing X as a super-app with finance at its core.
Key takeaways:
- Mark Zuckerberg's net worth tripled to $109 billion in the past year, while Elon Musk's decreased by $9 billion to $195 billion, with their wealth closely tied to their respective companies, Meta Platforms and Tesla.
- The market capitalization of Meta Platforms has increased from $252 billion to $801 billion, while Tesla's has decreased from $719 billion to $654 billion.
- The valuation of Twitter, now renamed X and owned by Musk, has dropped from $44 billion to $19 billion, with revenues declining by 55% year-over-year each month since Musk took over.
- Despite challenges, Meta reported year-on-year revenue growth in each of the past three quarters, with revenues up 23% and net profit surging over 2.6 times in the latest quarter, largely due to cost-cutting measures and a pivot to AI.