Mark Zuckerberg has overtaken Elon Musk to claim the position of the third-richest person in the world, marking the first time since 2020 that the two prominent billionaires have held these respective ranks.
Musk, who recently occupied the top spot on the Bloomberg Billionaires Index, slipped to fourth place following reports that Tesla Inc. had scrapped plans for a lower-priced car, causing a decline in Tesla shares. Despite Musk’s denial of the report, this setback compounded with news of decreased vehicle deliveries in the first quarter of the year, contributing to a reduction of $48.4 billion in his wealth in 2022. In contrast, Zuckerberg’s fortune has seen a notable increase of $58.9 billion as Meta Platforms Inc. continues to achieve record highs, culminating in his ascent to the top three richest individuals on Bloomberg’s ranking for the first time since November 16, 2020.
The shifting dynamics in wealth between Musk and Zuckerberg, previously characterized by a substantial gap of up to $215 billion in November 2021, underscore the evolving landscape of financial markets. Notably, the dominance of electric vehicle stocks has been supplanted by the prominence of big tech companies, particularly those involved in artificial intelligence.
Tesla’s shares have experienced a decline of 34% this year, reflecting challenges such as a global slowdown in electric vehicle demand, heightened competition in key markets like China, and production issues in Germany. In contrast, Meta has seen a surge of 49% in its stock value, buoyed by robust quarterly earnings and investor enthusiasm surrounding the company’s AI initiatives, positioning it as one of the top performers on the S&P 500 Index.
Beyond their financial rivalry, Musk and Zuckerberg have engaged in public disputes, notably surrounding Meta’s launch of Threads, a social media platform competing with Musk’s X. Their rivalry even extended to jests about a potential physical confrontation, with Musk recently joking on social media about a hypothetical fight with Zuckerberg.
Musk’s wealth may face further challenges following the dismissal of his $55 billion Tesla pay package by a Delaware judge. However, the Bloomberg Billionaires Index continues to factor in the options from this pay package, one of Musk’s significant assets, in its calculations of his wealth.
At present, Bernard Arnault and Jeff Bezos maintain the top two positions on Bloomberg’s wealth ranking, with fortunes of $223.4 billion and $207.3 billion, respectively.
