Facebook’s Mark Zuckerberg’s beats Tesla CEO Elon Musk in this ‘rich list’ for the first time since 2020

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Mark Zuckerberg has overtaken Elon Musk as the world’s third-richest person, marking a shift in the fortunes of these tech titans. This is the first time since 2020 that these two rivals have occupied these positions on the Bloomberg Billionaires Index.

Tesla Struggles, Meta Soars
Musk’s wealth has dipped due to recent challenges at Tesla. A Reuters report about the cancellation of a planned affordable car model, coupled with a decline in vehicle deliveries, sent Tesla shares tumbling (a claim Musk refuted). This year alone, Musk’s wealth has shrunk by $48.4 billion.

In stark contrast, Zuckerberg’s fortune has grown by a substantial $58.9 billion. Meta Platforms Inc., the parent company of Facebook, has been experiencing strong performance with record highs and positive quarterly earnings. Additionally, investor excitement around Meta’s advancements in artificial intelligence has further fueled its rise. Meta’s stock price has surged 49% this year, making it one of the top performers in the S&P 500.

This shift in wealth standings reflects a broader trend. The once-red-hot electric vehicle sector, led by Tesla, appears to be cooling down, facing issues like slowing global EV demand, increased competition in China, and production problems. Meanwhile, big tech companies, particularly those focused on artificial intelligence, are experiencing a resurgence.

A Rivalry Beyond Wealth
The rivalry between Musk and Zuckerberg extends beyond the wealth ranking. They’ve been engaged in a public spat for years, which intensified when Meta launched Threads, a social media platform competing with Musk’s X. Their barbs even included a playful exchange on Twitter about a potential “cage fight.”

Looking Ahead
While Musk’s net worth might take a further hit due to a recent court ruling striking down his $55 billion Tesla pay package, the Bloomberg Billionaires Index still factors in the options from that package as part of his wealth calculation.

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For now, Zuckerberg’s Meta reigns supreme, pushing him past Musk in the billionaire race. With Bernard Arnault and Jeff Bezos holding the top two spots, the landscape of the world’s richest individuals continues to evolve.

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