7-4-2024 (CALIFORNIA) Mark Zuckerberg surpassed Elon Musk on Friday to claim the title of the third-richest person globally, marking the first time since 2020 that the two rival billionaires have occupied these positions.
Musk, who recently held the top spot on the Bloomberg Billionaires Index, slipped to fourth place after reports surfaced that Tesla Inc. had scrapped plans for a more affordable car, resulting in a decline in shares. Although Musk refuted the report, it followed earlier news of Tesla’s first year-over-year decline in vehicle deliveries since the onset of the Covid pandemic, contributing to a reduction in his wealth by $48.4 billion this year.
In contrast, Zuckerberg’s fortune saw an increase of $58.9 billion as Meta Platforms Inc. reached new heights, including a record high on Friday. This marks Zuckerberg’s debut in the top three positions on Bloomberg’s ranking of the wealthiest individuals since November 16, 2020, when his net worth stood at $105.6 billion, surpassing Musk’s $102.1 billion. Currently, Zuckerberg’s fortune stands at $186.9 billion, while Musk’s net worth is $180.6 billion.
The shift in wealth between Musk and Zuckerberg underscores the ascendancy of big tech, particularly in artificial intelligence, over once-prominent electric vehicle stocks. Tesla shares have plummeted by 34% this year, making it the worst performer in the S&P 500 Index, due to global EV demand slowdown, heightened competition in China, and production challenges in Germany. Conversely, Meta has enjoyed a 49% surge driven by robust quarterly earnings and optimism surrounding the company’s AI ventures, ranking as the fifth-best performer on the S&P 500.
Beyond their financial rivalry, Musk and Zuckerberg have engaged in a public feud, notably intensified by Meta’s launch of Threads, a social media platform competing with Musk’s X. The rivalry even extended to jests about a potential cage fight, with Musk, 52, recently reigniting the idea, challenging Zuckerberg, 39, to a match “anywhere, anytime.”
Musk’s wealth may face further declines following the dismissal of his $55 billion Tesla pay package by a Delaware judge. Despite this, the Bloomberg Billionaires Index continues to factor in options from that pay package, one of Musk’s significant assets, in its wealth calculations.
Bernard Arnault, chairman of luxury conglomerate LVMH Moet Hennessy Louis Vuitton, and Amazon.com Inc. founder Jeff Bezos retain the top two spots on Bloomberg’s wealth ranking, with fortunes of $223.4 billion and $207.3 billion, respectively.
