In a dramatic shift of fortune, Mark Zuckerberg has surged past Elon Musk to clinch the coveted third spot in the global wealth rankings, marking the first time since 2020 that these high-profile billionaires have swapped positions.
Musk, the erstwhile frontrunner on the Bloomberg Billionaires Index until early March, has now slipped to fourth place following reports from Reuters indicating Tesla Inc.’s decision to scrap plans for a budget-friendly vehicle, which triggered a dip in the company’s stock prices. Although Musk refuted the report, Tesla faced further setbacks with news of a decline in vehicle deliveries for the first time since the onset of the Covid-19 pandemic.
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Zuckerberg’s ascent to the top three has been propelled by a staggering increase of $58.9 billion in his fortune, largely attributed to the soaring success of Meta Platforms Inc., which hit fresh all-time highs, including a new pinnacle reached on Friday.
This significant wealth reshuffling marks a notable departure from the monumental wealth gap between Musk and Zuckerberg, which had peaked at $215 billion in November 2021. The shift underscores a broader trend where the once-dominant electric vehicle sector, epitomized by Tesla, has ceded ground to the burgeoning dominance of big tech, particularly in the realm of artificial intelligence.
While Tesla shares have plummeted by 34% this year, grappling with a myriad of challenges including a global EV demand slowdown, intensified competition in China, and production hurdles in Germany, Meta has surged by an impressive 49%. Meta’s remarkable performance has been fueled by robust quarterly earnings and heightened enthusiasm surrounding the company’s AI endeavors, positioning it as the fifth-best performer on the S&P 500.
Beyond the financial realm, the rivalry between Musk and Zuckerberg extends into the public arena, manifesting in a series of confrontations, including Meta’s launch of Threads, a social-media platform directly competing with Musk’s X. The animosity between the two moguls even escalated to discussions of a potential cage fight, with Musk recently reigniting the debate, daring Zuckerberg to face off “anywhere, anytime.”
Musk’s financial woes could potentially exacerbate further following a Delaware judge’s decision to invalidate his $55 billion Tesla pay package. Notably, the Bloomberg Billionaires Index continues to factor in the options from this pay package, constituting one of Musk’s principal assets in its calculation of his wealth.
