Elon Musk Surpasses Mark Zuckerberg in Wealth Once Again as Fortunes Shift

In a dramatic turn of events, Mark Zuckerberg’s fortune took a hit of $20 billion as shares of Meta Platforms Inc. plummeted, allowing Elon Musk to solidify his position as the world’s third-richest billionaire. The sharp decline in Meta shares came after the social media company announced that second-quarter sales were expected to fall below estimates.

Zuckerberg, 39, saw his net worth drop significantly, marking one of the largest single-day losses in the history of the Bloomberg Billionaires Index. His fortune now stands at $155 billion, while Musk, 52, added $400 million to his wealth, bringing his total to $178 billion as Tesla stock continued to soar following positive earnings.

This shift in fortunes comes after Zuckerberg briefly surpassed Musk earlier this month, following news that Tesla’s vehicle deliveries had declined in the previous quarter. The rivalry between the two billionaires extends beyond their wealth, with ongoing public spats and competition in the tech industry.

Meta’s stock plunge on Thursday was the largest since October 2022, raising concerns about the company’s spending and future growth prospects. Despite the setback, Meta shares are still up 22% for the year, reflecting investor optimism around the company’s investments in artificial intelligence.

On the other hand, Tesla’s stock surged 12% after Musk announced plans to introduce more affordable vehicles, easing concerns about the company’s recent performance. Musk’s wealth is primarily derived from his stake in Tesla, as well as his interests in Space Exploration Technologies and X (formerly known as Twitter). Zuckerberg’s fortune, on the other hand, is closely tied to Meta shares.

The ongoing rivalry between Zuckerberg and Musk shows no signs of slowing down, with both billionaires vying for dominance in the ever-evolving tech landscape.