in market value for the first time in 16 months on Thursday, thanks to the surge in its stock price this year and a sharp drop in Tesla shares on the day., which comfortably exceeded the automaker's $517 billion market cap. The last time Meta was worth more than Tesla was December 20, 2021.shares in the EV maker plunged nearly 10% on ThursdayMeta has also been one of the US's best-performing public companies this year.
Elon Musk's company posted first-quarter earnings that broadly met Wall Street's expectations. However, it disclosed that its net income had plummeted 24% year-on-year, which analysts attributed to its aggressive price cuts. Meta and Tesla are now respectively the seventh- and eighth-largest companies in the world by market capitalization, per CompaniesMarketCap data.
While Meta is now more valuable than Tesla, Zuckerberg's personal fortune of $78 billion is still less than half of Musk's $164 billion net worth, . The pair hold similar-sized stakes in their respective companies, but Musk also owns valuable equity in SpaceX, Twitter and his other businesses.