Mark Zuckerberg surpasses Elon Musk in wealth for the first time since 2020

In a dramatic turn of events, Mark Zuckerberg has surpassed Elon Musk to become the third-richest person in the world. This marks the first time since 2020 that the arch-rival billionaires have held these positions on the Bloomberg Billionaires Index.

Musk, who was recently ranked first on the index, fell to fourth place after reports surfaced that Tesla Inc. had canceled plans for a more affordable car, causing a drop in share prices. This news came on the heels of a decline in Tesla’s vehicle deliveries for the first time since the early days of the Covid pandemic.

Zuckerberg, on the other hand, has seen a significant increase in his wealth, adding $58.9 billion to his fortune as Meta Platforms Inc. continues to climb to new highs. This surge in wealth has propelled him to the third spot on the ranking, with a net worth of $186.9 billion, surpassing Musk’s $180.6 billion.

The shift in wealth between Musk and Zuckerberg highlights the changing landscape of the market, with big tech companies like Meta gaining momentum over once-dominant electric vehicle stocks. While Tesla shares have plummeted by 34% this year, Meta has seen a 49% surge in its stock value, thanks to strong quarterly earnings and excitement surrounding its AI initiatives.

The rivalry between Musk and Zuckerberg extends beyond their wealth, with the two engaging in a public spat over social media platforms and even joking about a potential cage fight. With Musk’s net worth potentially facing further hits, the battle for the top spots on the Bloomberg Billionaires Index is far from over.