Mark Zuckerberg, the Founder and CEO of Meta Platforms Inc., surpassed Tesla owner Elon Musk on Friday, becoming the third richest billionaire globally for the first time since 2020.
Musk, who held the top position on the Bloomberg Billionaires Index until early March, dropped to fourth place due to challenges faced by Tesla.
While Musk’s wealth has decreased by $48.4 billion this year, Zuckerberg’s fortune has increased by $58.9 billion as Meta Platforms Inc. reached new highs, including a record high on Friday.
This ascent marked Zuckerberg’s return to the top three since November 16, 2020, when he was worth $105.6 billion compared to Musk’s $102.1 billion.
Currently, Musk’s net worth is $180.6$180.6 billion, while Zuckerberg’s is $186.9 billion.
The narrowing of the wealth gap between Musk and Zuckerberg, which was once as wide as $215 billion in November 2021, reflects the shift in investor sentiment from electric vehicle stocks to big tech, particularly AI-related ventures.
Tesla’s stock has declined by 34 percent this year, making it the worst performer in the S&P 500 Index, due to various factors including slowing EV demand globally, increased competition in China, and production issues in Germany.
On the other hand, Meta’s stock has surged by 49 percent fueled by robust quarterly earnings and enthusiasm surrounding the company’s AI initiatives, making it the fifth-best performer on the S&P 500.
Beyond their financial standings, Musk and Zuckerberg have engaged in a public feud, notably intensified when Meta launched Threads, a social media platform competing with Musk’s ventures.
The rivalry even extended to jests about a potential physical confrontation, with Musk, 52, recently expressing willingness to face off against Zuckerberg, 39, “anywhere, anytime.”
At present, Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, and Amazon founder Jeff Bezos hold the first and second positions on Bloomberg’s billionaire ranking, with fortunes of $223.4 billion and $207.3 billion, respectively.
