(Image source from: AFP)
Mark Zuckerberg Becomes Richer Than Elon Musk:- In a significant shift, Mark Zuckerberg surpassed Elon Musk on Friday to claim the third spot on the list of the world's wealthiest individuals. This marks the first time since 2020 that these rival billionaires have occupied these particular positions. Musk, who held the top spot on the Bloomberg Billionaires Index until recently, dropped to fourth place after reports emerged that Tesla Inc. had scrapped plans for a more affordable vehicle, resulting in a decline in the company's shares (Musk has denied these reports). Additionally, Tesla's vehicle deliveries experienced a year-over-year decrease in the first quarter of this year, the first decline since the early days of the Covid pandemic. While Musk's wealth has diminished by $48.4 billion in 2021, Zuckerberg's fortune has seen a significant increase of $58.9 billion as Meta Platforms Inc. reaches new heights, including a record-breaking day on Friday.
This achievement marks Zuckerberg's return to the top three on Bloomberg's ranking of the wealthiest individuals, a position he last held on November 16, 2020, when his net worth was $105.6 billion compared to Musk's $102.1 billion. Presently, Musk's net worth stands at $180.6 billion, while Zuckerberg's fortune sits at $186.9 billion. Big technology companies, especially those involved in artificial intelligence, have been experiencing different levels of success. For instance, Tesla's shares have dropped by 34% this year, making it the worst performer in the S&P 500 Index. This decline can be attributed to various factors such as a global decrease in demand for electric vehicles, increased competition in China, and production challenges in Germany. On the other hand, Meta has seen a significant increase in value, with a surge of 49% driven by strong quarterly earnings and excitement surrounding their AI initiatives. Meta currently ranks as the fifth-best performer on the S&P 500.
Aside from their financial standings, Tesla's Elon Musk and Meta's Mark Zuckerberg have a rivalry that goes beyond their wealth. Their public feud escalated when Meta launched Threads, a social media platform that directly competes with Musk's X. Last year, the two even exchanged insults about potentially engaging in a cage fight. Recently, Musk, who is 52 years old, brought up the idea again, challenging the 39-year-old Zuckerberg to a fight "anywhere, anytime." Furthermore, Musk's net worth may face additional setbacks after a Delaware judge invalidated his $55 billion Tesla pay package. The Bloomberg Billionaires Index currently includes the options from that pay package, which are among Musk's largest assets, when calculating his wealth.
