Mark Zuckerberg, the Founder and CEO of Meta Platforms Inc., surpassed Elon Musk on Friday to claim the title of the third richest billionaire globally, a position he hadn’t held since 2020.
Musk, who had previously been the richest person on the Bloomberg Billionaires Index as recently as early March, slipped to fourth place due to challenges faced by his company, Tesla.
The Tesla owner’s wealth has seen a decline of $48.4 billion this year, while Zuckerberg’s fortune has swelled by $58.9 billion as Meta Platforms Inc. reached new heights, including a fresh record on Friday.
According to Bloomberg, Zuckerberg’s ascension on Friday marked the first time he had broken into the top three on Bloomberg’s ranking of the richest people since November 16, 2020, when his net worth stood at $105.6 billion compared to Musk’s $102.1 billion.
As of now, Musk has a net worth of $180.6 billion, while Zuckerberg’s wealth totals $186.9 billion.
The reversal of the wealth gap between Musk and Zuckerberg, which had widened to as much as $215 billion in November 2021, highlights the shifting dynamics in the technology and electric vehicle sectors.
Tesla shares have slumped by 34% this year, making it the worst performer in the S&P 500 Index. The company has grappled with a global slowdown in electric vehicle demand, increased competition in China, and production issues in Germany.
On the other hand, Meta has seen a surge of 49% in its stock value, fueled by robust quarterly earnings and enthusiasm surrounding the company’s artificial intelligence initiatives, making it the fifth-best performer on the S&P 500.
Apart from their wealth competition, Musk and Zuckerberg have been engaged in a public spat, particularly intensified when Meta launched Threads, a social media platform that directly competes with Musk’s ventures.
Their rivalry even extended to jests about a possible cage fight, with Musk, 52, recently rekindling the idea on X, expressing his willingness to fight Zuckerberg, 39, “anywhere, anytime.”
At present, Bernard Arnault, the chairman of luxury giant LVMH Moet Hennessy Louis Vuitton, and Amazon founder Jeff Bezos maintain the first and second spots on Bloomberg’s richest billionaires’ ranking with fortunes of $223.4 billion and $207.3 billion, respectively.
