Mark Zuckerberg, the CEO of Meta Platforms Inc., has surpassed Elon Musk to claim the coveted third position, according to the Bloomberg Billionaires Index.
This is the first time since 2020 that Zuckerberg has held such a high position on the list.
The rearrangement in rankings occurred as Musk, the CEO of Tesla Inc., faced setbacks in the electric vehicle industry that led to a decline in his net worth.
Tesla’s shares took a hit following reports of canceled plans for a less-expensive car and a decline in vehicle deliveries for the first time since the onset of the COVID-19 pandemic. As a result, Musk’s wealth diminished by $48.4 billion this year.
Meanwhile, Zuckerberg’s fortune has been on the rise, increasing by $58.9 billion this year on the back of Meta’s impressive performance.
With his net worth now standing at $186.9 billion, Zuckerberg has comfortably surpassed Musk, whose net worth is $180.6 billion.
The reversal in fortunes between Zuckerberg and Musk reflects broader trends in the market. While electric vehicle stocks, once the darlings of investors have faced challenges, big tech companies like Meta have thrived, particularly those involved in artificial intelligence initiatives.
Meta’s stock surge, fueled by strong quarterly earnings and excitement about its AI projects, contrasts sharply with Tesla’s struggles in the face of global EV demand slowdowns and production issues.
The rivalry between Zuckerberg and Musk extends beyond their wealth, with both entrepreneurs engaged in public spats and competing ventures.
Meta’s launch of Threads, a social-media platform, directly competes with Musk’s X, leading to intensified tensions between the two billionaires.
Their rivalry even escalated to the point of discussing a possible cage fight, with Musk recently reigniting the idea by expressing willingness to fight Zuckerberg “anywhere, anytime.”
Moreover, Musk’s net worth could face further challenges following a Delaware judge’s decision to strike down his $55 billion Tesla pay package.
