Mark Zuckerberg has surpassed Elon Musk to claim the third position in the world’s richest people list, marking the first time since 2020 that these rival billionaires have occupied these positions. Musk, who had recently topped the Bloomberg Billionaires Index in early March, slipped to the fourth spot after reports from Reuters suggested that Tesla Inc. had scrapped plans for a more affordable car, resulting in a decline in share prices. (Musk refuted the report.) This came following earlier news in the week indicating a decrease in Tesla’s vehicle deliveries during the three months ending in March, marking their first year-over-year decline since the early stages of the Covid pandemic.
Musk’s wealth has dwindled by $48.4 billion this year, while Zuckerberg’s fortune has swelled by $58.9 billion as Meta Platforms Inc. reaches new highs, including a fresh record set on Friday. This marks Zuckerberg’s return to the top three positions on Bloomberg’s list of the wealthiest individuals since November 16, 2020, when he held a net worth of $105.6 billion, while Musk’s fortune stood at $102.1 billion. Currently, Musk’s net worth is $180.6 billion, whereas Zuckerberg stands at $186.9 billion.
Mark Zuckerberg passed Elon Musk on Friday to become the third-richest person in the world https://t.co/u7rwpCiAN4
— Bloomberg (@business) April 5, 2024
The shift in wealth between Musk and Zuckerberg, which was as wide as $215 billion in November 2021, underscores how electric vehicle stocks, once highly coveted, have been eclipsed by big tech, particularly in areas related to artificial intelligence.
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Tesla shares have plummeted by 34% this year, making it the worst performer in the S&P 500 Index. The company has been adversely affected by a global EV demand slowdown, increased competition in China, and manufacturing challenges in Germany. In contrast, Meta has surged by 49% due to robust quarterly earnings and enthusiasm surrounding the company’s AI ventures, ranking as the fifth-best performer on the S&P 500.
The rivalry between the two billionaires extends beyond their wealth. Musk and Zuckerberg have been embroiled in a public feud, intensifying with the launch of Meta’s Threads, a social media platform competing with Musk’s X. The duo even exchanged jabs last year regarding a potential cage fight. Musk, 52, recently resurrected the notion on X, declaring his willingness to fight Zuckerberg, 39, “anywhere, anytime.”
Musk’s net worth might face further decline following the dismissal of his $55 billion Tesla compensation package by a Delaware judge. The Bloomberg Billionaires Index still incorporates the options from that compensation package, which constitute one of Musk’s largest assets, in its wealth calculations. Bernard Arnault, chairman of luxury conglomerate LVMH Moet Hennessy Louis Vuitton, and Amazon.com Inc. founder Jeff Bezos retain the top two positions on Bloomberg’s wealth ranking with fortunes of $223.4 billion and $207.3 billion, respectively.
