From EVs to Big Tech: Musk Slips, Zuckerberg Rises
On Friday, Mark Zuckerberg surpassed Elon Musk to claim the third position as the wealthiest person globally, marking the first time since 2020 that these rival billionaires have occupied these spots.
After recently holding the top spot on the Bloomberg Billionaires Index in early March, Musk slid to fourth place following Reuters’ report of Tesla Inc. scrapping plans for a more affordable car, causing a dip in shares. Despite Musk’s denial of the report, this development came after Tesla experienced a decrease in vehicle deliveries during the first quarter of the year, marking their first year-over-year decline since the onset of the Covid pandemic.
This year, Musk’s wealth has declined by $48.4 billion, whereas Zuckerberg has seen his fortune increase by $58.9 billion as Meta Platforms Inc. reaches new highs, hitting a fresh record on Friday.
The shift in the wealth gap between Musk and Zuckerberg, previously as large as $215 billion in November 2021, highlights the transition from the dominance of electric vehicle stocks to the ascendancy of big tech, particularly in areas related to artificial intelligence.
Musk vs. Zuckerberg in Finance and Feud
This signifies Zuckerberg’s inaugural appearance in the top three of Bloomberg’s ranking of the wealthiest individuals since November 16, 2020, when his value stood at $105.6 billion. billion and Musk’s fortune stood at $102.1 billion. Currently, Musk’s net worth sits at $180.6 billion, while Zuckerberg’s stands at $186.9 billion.
The decline of Tesla shares by 34% this year positions it as the poorest performer in the S&P 500 Index, facing challenges from a global electric vehicle demand slowdown, heightened competition in China, and production issues in Germany. Conversely, Meta has seen a surge of 49%, propelled by robust quarterly earnings and enthusiasm surrounding the company’s AI endeavors, securing its place as the fifth-best performer on the S&P 500.
Beyond their financial standings, Musk and Zuckerberg’s rivalry extends into the public sphere. This tension escalated when Meta introduced Threads, a social media platform directly competing with Musk’s X. Their rivalry even reached the point of trading jabs last year over the prospect of a cage fight. Recently, Musk, aged 52, reignited the idea on X, expressing his willingness to face off against Zuckerberg, aged 39, “anywhere, anytime.”
Wealth Rankings: Musk’s Setback and Arnault-Bezos Lead
Musk’s net worth faces the potential for further decline following the dismissal of his $55 billion Tesla compensation package by a Delaware judge. Notwithstanding this setback, the Bloomberg Billionaires Index continues to factor in the options from that compensation package as a notable component of Musk’s assets when evaluating his wealth.
Leading the Bloomberg wealth ranking are Bernard Arnault, chairman of luxury powerhouse LVMH Moet Hennessy Louis Vuitton, with a fortune of $223.4 billion, and Amazon.com Inc. founder Jeff Bezos, holding the second position with a wealth of $207.3 billion.
