LONDON: Mark Zuckerberg has overtaken Elon Musk to claim the title of the third-richest person globally. This marks the first time since 2020 that the tech titans have swapped positions on the Bloomberg Billionaires Index.
Elon Musk, who previously held the top spot on the index as recently as early March, slipped to fourth place following reports of Tesla Inc. canceling plans for a more affordable car model. Despite Musk’s denial of the report, Tesla shares plummeted, exacerbated by news of declining vehicle deliveries in the first quarter of the year.
While Musk’s wealth has seen a significant decline of $48.4 billion this year, Zuckerberg’s fortune has surged by $58.9 billion, fueled by the soaring performance of Meta Platforms Inc., which reached new highs, including a record-setting day on Friday.
Zuckerberg’s ascension to the third position on the wealth ranking is a notable milestone, marking his return to the top echelons of the billionaire club since November 2020, when he last occupied the third spot. As of now, Zuckerberg’s net worth stands at $186.9 billion, surpassing Musk’s $180.6 billion.
The reversal in their wealth standings underscores the shifting dynamics in the tech industry, with big tech and artificial intelligence taking precedence over once-dominant electric vehicle stocks. Tesla’s shares have slumped by 34% this year, making it the worst performer in the S&P 500 Index, while Meta has surged by 49% on the back of strong quarterly earnings and optimism surrounding its AI initiatives.
Beyond their financial competition, Musk and Zuckerberg have been engaged in a public rivalry, notably intensified by Meta’s launch of Threads, a social media platform directly competing with Musk’s ventures. The rivalry even extended to discussions about a potential cage fight between the two billionaires, with Musk recently reviving the idea on social media.
However, Musk’s financial woes may not be over yet, as a Delaware judge recently invalidated his $55 billion Tesla pay package. Despite this setback, Bernard Arnault, the chairman of luxury conglomerate LVMH Moet Hennessy Louis Vuitton, and Amazon.com Inc. founder Jeff Bezos maintain the top two positions on the Bloomberg Billionaires Index with fortunes of $223.4 billion and $207.3 billion, respectively.
