Mark Zuckerberg has overtaken Elon Musk to claim the title of the third-richest person in the world, a status he hasn't enjoyed since November 2020. This shift comes amid Tesla's recent challenges, including a reported cancellation of plans for a less expensive car, which Musk has denied, and a decrease in vehicle deliveries—their first year-over-year decline since the early days of the Covid-19 pandemic. As a result, Musk's fortune has diminished by $48.4 billion this year, while Zuckerberg has seen a $58.9 billion increase in his wealth, thanks to Meta Platforms Inc.'s stock reaching new highs.
This wealth exchange highlights the changing tides from electric vehicle stocks to big tech, especially in fields related to artificial intelligence. Tesla's stock has fallen 34% this year, making it the worst performer in the S&P 500 Index. In contrast, Meta has seen a 49% increase, fueled by strong quarterly earnings and excitement over its AI projects, positioning it as the fifth-best performer on the S&P 500.
The rivalry between Musk and Zuckerberg is well-documented, spanning their wealth standings to personal jabs over social media, including Musk's challenge to Zuckerberg for a cage fight. This wealth ranking shift comes as Musk faces a potential further decrease in his net worth following a Delaware judge's decision against his $55 billion Tesla pay package. Meanwhile, luxury giant LVMH's Bernard Arnault and Amazon founder Jeff Bezos maintain the top two spots in the wealth ranking, with fortunes of $223.4 billion and $207.3 billion, respectively.
