Zuckerberg beats Elon Musk to third richest billionaire for first time since 2020

Mobel
By Mobel 3 Min Read

Zuckerberg beats Elon Musk to third richest billionaire for first time since 2020

Zuckerberg beats Elon Musk to third richest billionaire for first time since 2020, Founder and CEO Meta Platforms Inc., Mark Zuckerberg went above X owner, Elon Musk, on Friday, to become the third richest billionaire on earth, the first time since 2020.

Musk, who was the richest person on the Bloomberg Billionaires Index as recently as early March, plummeted to fourth, following Tesla challenges.

Tesla owner’s wealth has shrunk by $48.4 billion this year, while Zuckerberg has added $58.9 billion to his fortune as Meta Platforms Inc. climbed to fresh highs, including a new record on Friday.

According to Bloomberg, this rise on Friday was the first time Zuckerberg has broken into the top three on Bloomberg’s ranking of the richest people since November 16, 2020.

That period the Facebook and Instagram owner was worth $105.6 billion, while his X rival billionaire’s fortune was put at $102.1 billion.

However, currently, Musk has a net worth of $180.6 billion; and Zuckerberg’s is $186.9 billion.

The reversal of the wealth gap between Musk and Zuckerberg, which was as big as $215 billion in November 2021, signified how once-hot electric vehicle stocks have been usurped by big tech, and particularly anything involving artificial intelligence.

Tesla shares have fallen 34% this year, making it the worst performer in the S&P 500 Index. It’s been battered by a global slowdown in EV demand, growing competition in China and production problems in Germany.

Meta, meanwhile, has surged 49% thanks to strong quarterly earnings and excitement about the company’s AI initiatives. It’s the fifth-best performer on the S&P 500.

The two billionaires’ competition extends beyond their wealth, as Musk and Zuckerberg have been engaged in an ongoing public spat that intensified when Meta launched Threads, a social-media platform that competes with Musk’s X.

The two even traded barbs last year about a possible cage fight. Musk, 52, recently revived the idea on X, saying he would fight Zuckerberg, 39, “anywhere, anytime.”

Meanwhile, for the record, Bernard Arnault, the chairman of luxury giant LVMH Moet Hennessy Louis Vuitton, and Amazon founder, Jeff Bezos hold the first and second spots on Bloomberg’s richest billionaires’ ranking with fortunes of $223.4 billion and $207.3 billion, respectively.

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