In a dramatic turn of fortunes, Mark Zuckerberg has surpassed Elon Musk to become the third-richest person globally. This shift marks the first time since 2020 that these arch-rival billionaires have held these positions.
Mark Zuckerberg passed Elon Musk on Friday to become the third-richest person in the world, the first time since 2020 the arch-rival billionaires have held those positions.
Musk, who ranked first on the Bloomberg Billionaires Index as recently as early March, fell to fourth after Reuters reported Tesla Inc. had canceled plans for a less-expensive car, sending shares lower. (Musk denied the report.) That followed news earlier in the week that Tesla’s vehicle deliveries fell in the three months through March, their first year-over-year decline since the early days of the Covid pandemic.
- Meta has been hitting fresh highs as Tesla has slumped.
- Musk was $215 billion richer than Zuckerberg in 2021.
The Changing Landscape
Musk’s Decline
Elon Musk, who recently ranked first on the Bloomberg Billionaires Index, has seen a substantial decrease in his wealth. His net worth has shrunk by an astonishing $48.4 billion this year. Several factors contributed to this decline:
- Tesla Troubles: Tesla Inc., the electric vehicle giant led by Musk, faced challenges. Reports of the company canceling plans for a less-expensive car led to a drop in Tesla’s stock price.
- Delivery Dilemma: Tesla’s vehicle deliveries fell in the first quarter of 2024, marking their first year-over-year decline since the early days of the Covid pandemic.
Zuckerberg’s Ascendancy
On the other hand, Mark Zuckerberg’s fortune has soared. He added a staggering $58.9 billion to his wealth, driven by the remarkable success of Meta Platforms Inc. (formerly known as Facebook). Meta’s stock has reached new record highs, including a notable peak on Friday.
Meta vs. Tesla
The reversal of the wealth gap between Musk and Zuckerberg underscores broader market trends:
- Electric Vehicles vs. Big Tech: Once-hot electric vehicle stocks, like Tesla, have been overshadowed by big tech companies. Meta’s surge (49% increase) is fueled by strong quarterly earnings and excitement surrounding the company’s artificial intelligence initiatives. It currently ranks as the fifth-best performer on the S&P 500.
- Threads vs. X: Beyond wealth, Musk and Zuckerberg’s rivalry extends to their companies. Meta’s launch of Threads, a social-media platform competing with Musk’s X, intensified their public spat. They even exchanged barbs last year about a possible cage fight.
The Net Worth Showdown
As of now, Mark Zuckerberg’s net worth stands at $186.9 billion, while Elon Musk’s wealth totals $180.6 billion. This reversal of fortunes highlights how big tech, particularly anything involving artificial intelligence, has outpaced electric vehicles in the market.
In this billionaire “cage fight,” Zuckerberg has emerged victorious, but the battle for supremacy continues. Musk’s net worth could face further challenges after a Delaware judge struck down his $55 billion Tesla pay package. The Bloomberg Billionaires Index still considers the options from that pay package as one of Musk’s largest assets in its calculations of his wealth.
The rivalry between these tech titans remains fierce, and the world watches as their fortunes ebb and flow in this high-stakes game of wealth and innovation.
