Mark Zuckerberg is now richer than Elon Musk, becoming the third-richest person globally, and marking the first time since 2020 that the rival billionaires have held these positions.
Musk, who recently topped the Bloomberg Billionaires Index, slipped to fourth place after reports of Tesla Inc. canceling plans for a cheaper car led to a decline in shares. Musk refuted the claims. This came after Tesla reported a year-over-year drop in vehicle deliveries, its first since the onset of the Covid pandemic.
Zuckerberg’s wealth has jumped by $58.9 billion this year, buoyed by Meta Platforms Inc.’s ascent to new heights, reaching a fresh pinnacle on Friday.
This marks Zuckerberg’s return to the top three wealthiest individuals on Bloomberg’s ranking since November 16, 2020, when he was valued at $105.6 billion, compared to Musk’s $102.1 billion. Presently, Musk’s net worth stands at $181 billion, while Zuckerberg’s sits at $187 billion.
What we know
The reversal of fortune between Musk and Zuckerberg, once separated by a staggering $215 billion in November 2021, points to the changing investor sentiments, with a notable pivot away from electric vehicle stocks, exemplified by Tesla’s struggles, towards big tech, particularly companies involved in artificial intelligence.
While Tesla shares have plummeted by 34% this year, making it the worst performer in the S&P 500, Meta Platforms Inc. has surged by 49%. Meta’s strong performance can be attributed to its innovative strategies and successful execution of its AI initiatives, which have garnered widespread attention and investor confidence.
Beyond their financial rivalry, Musk and Zuckerberg have engaged in public spats, further intensifying their competition. Meta’s recent launch of Threads, a social-media platform that directly competes with Musk’s X, has added fuel to the fire. The two billionaires have even exchanged jabs about a potential cage fight, underscoring the depth of their rivalry beyond the boardroom.
What the future holds for Musk
Looking ahead, Musk’s net worth may face additional challenges following a Delaware judge’s decision to strike down his $55 billion Tesla pay package. This development could further impact his wealth, particularly as Bloomberg’s Billionaires Index continues to factor in options from this package in its calculations.
At the top of Bloomberg’s wealth ranking sit Bernard Arnault, chairman of luxury conglomerate LVMH Moet Hennessy Louis Vuitton, and Jeff Bezos, founder of Amazon.com Inc., with fortunes of $223.4 billion and $207.3 billion, respectively. As Zuckerberg cements his position among the world’s wealthiest individuals, the tech landscape continues to evolve, shaping the fortunes of its most prominent leaders. (Nairametrics)
