Zuckerberg Outpaces Musk in Richest Billionaires Race Amid Tech Surge
1:19 PM EDT, April 6, 2024
On Friday, Mark Zuckerberg surpassed Elon Musk in the list of the world's richest people, propelling the head of the conglomerate, which includes Facebook, Instagram, and WhatsApp, into the top three for the first time since 2020. Meanwhile, Elon Musk's fortune continues to dwindle.
Bloomberg reports that Elon Musk was leading the Bloomberg Billionaires Index at the start of March. However, Jeff Bezos overtook him shortly after.
A Rough Start to the Year for Musk
Now, the entrepreneur behind Tesla and SpaceX finds himself in fourth place. This shift follows Reuters' reports that Tesla canceled plans for an affordable electric car, leading to decreased stock value—a claim that Elon Musk quickly refuted.
Moreover, Tesla's stock suffered due to reported declines in vehicle deliveries. The company saw a year-over-year reduction in delivered cars during the first quarter of 2024 for the first time since the coronavirus pandemic began.
Consequently, Elon Musk's wealth has decreased by $48.4 billion in 2024, while Mark Zuckerberg's fortune has surged by $58.9 billion since the start of the year, with Meta achieving new stock market highs.
Zuckerberg's Wealth Surpasses Musk's
According to Bloomberg, this marks the first occasion since November 16, 2020, that Mark Zuckerberg has entered the top three in wealth. His fortune was estimated at $105.6 billion, slightly above Musk's $102.1 billion back then. Their net worths are $186.9 billion and $180.6 billion, respectively.
At one point, the disparity between the two magnates grew to a staggering $215 billion in Musk's favor. So, what changed?
There are two key factors. Firstly, Musk's acquisition of the X service impacted his financial standing.
Secondly, Bloomberg suggests that developments in artificial intelligence are fueling the rise in technology stock valuations.
Tesla is grappling with a global decline in electric vehicle demand, escalating competition from Chinese firms (notably Xiaomi's successful electric car pre-sales launch), and manufacturing challenges in Germany. As a result, Tesla’s shares have fallen by 34 percent in 2024, the largest decline in the S&P 500 index.
In contrast, Meta's stock value has increased 49 percent, buoyed by strong quarterly earnings and enthusiasm for the company's ventures into artificial intelligence. It ranks fifth in the S&P 500.
Who Is Currently the Richest?
In second place is Jeff Bezos, the Amazon founder's net worth currently valued at $207.3 billion. Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton, tops the list, whose fortune reaches $223.4 billion.
