Mark Zuckerberg overtook Elon Musk on Friday to turn into the third richest person on the planet. For the primary time since 2020, the billionaires’ arch-rivals hold these positions.
Musk, who took the highest spot on the Bloomberg Billionaires Index as recently as early March, fell to fourth place after Reuters reported that Tesla Inc. had canceled plans for a less expensive automotive, causing shares to fall. (Musk denied This followed news earlier within the week that Tesla vehicle deliveries fell within the three months to March, the primary year-on-year decline for the reason that early days of the Covid pandemic.
Musk’s fortune has shrunk by $48.4 billion this yr, while Zuckerberg has added $58.9 billion to his wealth, while Meta Platforms Inc. is hitting latest highs, including a brand new record on Friday.
It is the primary time Zuckerberg has finished in the highest three of Bloomberg’s wealthiest people rankings since November 16, 2020, when he was value $105.6 billion and Musk’s fortune was $102.1 billion . Musk now has a net value of $180.6 billion; Zuckerberg’s is $186.9 billion.
The reversal of the wealth gap between Musk and Zuckerberg, which was as much as $215 billion as of November 2021, highlights how the once-popular electric vehicle stocks have been usurped by big tech corporations, and particularly anything related to artificial intelligence .
Tesla shares have fallen 34% this yr, making them the worst performer within the S&P 500 Index. It has been hurt by a world decline in demand for electric vehicles. growing competition in China and production problems in Germany. Meanwhile, Meta is up 49% because of strong quarterly results and excitement concerning the company’s AI initiatives. It is the fifth best performer within the S&P 500.
The rivalry between the 2 billionaires goes beyond their wealth: Musk and Zuckerberg are embroiled in an ongoing public dispute that intensified when Meta launched Threads, a social media platform that competes with Musk’s X. Last yr, the 2 even argued a few possible cage fight. Musk, 52, recently revived the concept on X, saying he would fight 39-year-old Zuckerberg “anywhere, anytime.”
Musk’s net value could take one other hit after his $55 billion Tesla pay package was rejected by a Delaware judge. The Bloomberg Billionaires Index continues to make use of the choices from this salary package, which represents one in all Musk’s largest assets, when calculating his wealth.
Bernard Arnault, chairman of luxury giant LVMH Moët Hennessy Louis Vuitton, and Amazon.com Inc. founder Jeff Bezos occupy the highest two spots in Bloomberg’s wealth rankings, with assets of $223.4 billion and $207.3 billion, respectively .
