Meta’s Zuckerberg Overtakes Elon Musk In Global Wealth Rankings
Meta chief Mark Zuckerberg has passed Elon Musk to claim the title of the third-richest person globally. This is the first time since 2020 that the arch-rival billionaires have swapped positions in the wealth rankings.
Musk, who recently held the top spot on the Bloomberg Billionaires Index, now finds himself in fourth place following a series of setbacks for Tesla. The decline in Musk's wealth are due to various factors, including reports of Tesla canceling plans for a more affordable car and a decrease in vehicle deliveries, the first year-over-year decline since the onset of the Covid-19 pandemic. These developments have led to a significant drop in Tesla's share price, making it the worst performer in the S&P 500 Index this year. As a result, Musk's net worth has decreased by USD 48.4 billion.
Meanwhile, Zuckerberg's fortune has been on an upward trajectory, buoyed by the success of Meta Platforms. The company has reached new heights, with its stock climbing steadily and setting fresh records. Zuckerberg's wealth has surged by USD 58.9 billion this year, allowing him to reclaim a position among the top three richest individuals in the world.
The reversal in wealth between Musk and Zuckerberg points towards broader trends in the tech and electric vehicle industries. Electric vehicle stocks, once highly sought-after, have faced challenges amid a global slowdown in demand, increased competition and production issues. In contrast, big tech companies, particularly those involved in artificial intelligence, have experienced significant growth.
Beyond their financial standings, Musk and Zuckerberg's rivalry extends into the public sphere. The two billionaires have engaged in public spats, particularly evident when Meta launched Threads, a social media platform competing directly with Musk's ventures. Their rivalry has even led to discussions about a potential physical confrontation between the two.
In addition to the challenges facing Tesla, Musk's net worth could face further obstacles following a ruling by a Delaware judge invalidating his USD 55 billion Tesla pay package. Despite this setback, the Bloomberg Billionaires Index continues to factor in options from that pay package as one of Musk's largest assets in its wealth calculations.
