In a stunning turn of events, Mark Zuckerberg has surpassed Elon Musk in wealth, reclaiming his position as the third-richest person in the world for the first time since 2020. This shift comes as Musk’s fortune takes a $48.4 billion hit this year, while Zuckerberg sees a remarkable $58.9 billion increase in his wealth, fueled by Meta Platforms Inc.’s soaring stock prices.
Musk, who recently held the top spot on the Bloomberg Billionaires Index, has now fallen to fourth place. This tumble follows reports of Tesla Inc. scrapping plans for a more affordable car, leading to a dip in Tesla’s stock. Despite Musk’s denial of the report, coupled with news of declining vehicle deliveries, his net worth has taken a significant hit.
Zuckerberg’s ascent to the top three wealthiest individuals marks a notable milestone since November 16, 2020, when he last held this position. With Zuckerberg now boasting a net worth of $186.9 billion and Musk at $180.6 billion, the tables have turned dramatically from their vast $215 billion gap just months ago.
This reversal underscores the shifting dynamics in the market, with big tech overshadowing once-dominant electric vehicle stocks. While Tesla faces challenges such as global EV demand slowdown and production issues, Meta’s strong quarterly earnings and AI initiatives have propelled its stock to new heights.
Beyond their financial rivalry, Musk and Zuckerberg have engaged in public spats, including jabs over competing social media platforms. Their ongoing feud even led to playful talk of a cage fight, with Musk recently reigniting the idea. However, with legal battles looming, Musk’s fortune may face further turbulence, especially after a Delaware judge invalidated his $55 billion Tesla pay package.
In this battle of the tech titans, the only certainty is the unpredictability of the market and the enduring rivalry between two of the world’s wealthiest individuals.
