Meta CEO, Mark Zuckerberg has surpassed Tech billionaire Elon Musk in wealth, claiming the third spot on the global billionaire rankings.
This marks the first time since 2020 that these 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 caused a decline in shares. Musk denied the claims. This setback occurred as Tesla reported a year-over-year drop in vehicle deliveries, its first since the onset of the Covid pandemic.
Zuckerberg’s wealth has surged by $58.9 billion this year, driven by Meta Platforms Inc.’s remarkable ascent to new heights, reaching a fresh peak 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. Currently, Musk’s net worth stands at $181 billion, while Zuckerberg’s sits at $187 billion.
The reversal of fortunes between Musk and Zuckerberg, once separated by a staggering $215 billion in November 2021, reflects changing investor sentiments. There has been a notable shift 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 is attributed to its innovative strategies and successful execution of AI initiatives, which have gained 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 directly competing 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.
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 are 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.
