Mark Zuckerberg surpasses Elon Musk as world's third-richest person
Mark Zuckerberg, the mastermind behind Meta Platforms Inc., has overtaken Elon Musk to become the world's third-richest individual. This is the first time since November 16, 2020, that Zuckerberg has surpassed Musk in terms of wealth. The shift in rankings comes after Reuters reported that Tesla had dropped plans for a less-expensive EV. The report led to a drop in Tesla's share prices, causing Musk to slip from his previous top spot to fourth position on the Bloomberg Billionaires Index.
Musk's fortune dwindles amid Tesla's struggles
Musk's wealth has seen a significant decrease this year, with a loss of $48.4 billion. This financial downturn was sparked by reports of Tesla's vehicle deliveries experiencing a decline in the first quarter of the year. This marks its first annual drop since the beginning of the COVID-19 pandemic, contributing to Musk's slide down the BBI.
Zuckerberg's wealth soars as Meta thrives
In contrast to Musk's financial decline, Zuckerberg's wealth has seen a substantial increase, growing by $58.9 billion. This surge in wealth comes as Meta, formerly known as Facebook, hits new record highs. As of now, Zuckerberg's net worth is estimated at $186.9 billion, surpassing Musk's current net worth of $180.6 billion, and placing him third on the BBI.
Tech and AI stocks outperform electric vehicle shares
The fluctuating fortunes of Musk and Zuckerberg highlight the current market trend favoring big tech and artificial intelligence over electric vehicle stocks. Tesla shares have fallen by 34% this year due to a global slowdown in electric vehicle (EV) demand, increased competition in China, and manufacturing issues in Germany. On the other hand, Meta's stock has risen by 49%, driven by strong quarterly earnings and growing excitement about the company's AI ventures.
Musk and Zuckerberg's rivalry extends beyond wealth
The competition between Zuckerberg and Musk extends beyond their financial standings, spilling over into public disagreements about their respective companies' strategies. This rivalry was further fueled when Meta launched Threads, an Instagram platform that competes with Musk's X. Despite the ongoing feud and fluctuating fortunes, both billionaires continue to be significant players in the tech industry.