Meta Platforms, the social media and technology company formerly known as Facebook, has experienced a surge in its stock price following the release of its fourth-quarter financial results. The company’s shares soared after beating analysts’ estimates, causing its value to surpass that of Tesla, Inc.
This turn of events may bring a sense of vindication for Meta’s CEO, Mark Zuckerberg, in his rivalry with Tesla CEO Elon Musk. The two billionaires had engaged in a war of words in the past, even proposing to fight each other in a cage match. The feud began when Meta, then Facebook, was accused of copying Twitter, which is owned by Musk.
Although the proposed cage match never materialized, the rivalry between Zuckerberg and Musk continues. However, it seems that Zuckerberg is currently having the last laugh as Meta’s stock price and market capitalization have surpassed those of Tesla.
With Meta’s soaring stock price, the company is now valued at $1.22 trillion, making it the seventh-most valuable public company. In contrast, Tesla’s market capitalization stands at $598 billion, ranking it as the eleventh-most valuable public company. This means that Meta is now worth twice as much as Tesla based on their market capitalizations.
The increase in Meta’s value has also resulted in a significant boost to Zuckerberg’s wealth. When the proposed cage match was first mentioned, Musk’s net worth was $232 billion, while Zuckerberg’s was $103 billion. Currently, Musk’s net worth stands at $205 billion, whereas Zuckerberg’s has risen to $142 billion.
Musk has been critical of Meta and Zuckerberg, particularly regarding their investments in the metaverse and accusations of copying products. The rivalry between the two has also spilled over to Facebook, as advertisers have paused their ads on the platform due to concerns about harmful content. Despite this, Meta’s value continues to rise, while Tesla’s market capitalization has experienced a decline.
The contrasting fortunes of Meta and Tesla highlight the dynamic nature of the tech industry and the unpredictable nature of the market. It also underscores the significance of financial performance and innovation in determining the success of companies in this sector.
As Meta continues to expand and explore new technologies such as the metaverse, it will be interesting to see how the rivalry between Zuckerberg and Musk unfolds. Both CEOs have made significant contributions to the tech industry and have the potential to shape its future in unique ways.
