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April 07, 2024 at 11:43 PM
Mark Zuckerberg passed Elon Musk on Friday to become the third-richest person in the world, the first time since 2020 the arch-rival billionaires have held those positions.
Musk, who ranked first on the Bloomberg Billionaires Index as recently as early March, fell to fourth after Reuters reported Tesla Inc. had canceled plans for a less-expensive car, sending shares lower. (Musk denied the report.)
That followed news earlier in the week that Tesla’s vehicle deliveries fell in the three months through March, their first year-over-year decline since the early days of the Covid pandemic.
Musk’s wealth has shrunk by $48.4 billion this year, while Zuckerberg has added $58.9 billion to his fortune as Meta Platforms Inc. climbs to fresh highs, including a new record on Friday.
It’s the first time Zuckerberg has broken into the top three on Bloomberg’s ranking of the richest people since Nov. 16, 2020, when he was worth $105.6 billion and Musk’s fortune was $102.1 billion.
Musk now has a net worth of $180.6 billion; Zuckerberg’s is $186.9 billion.
The reversal of the wealth gap between Musk and Zuckerberg, which was as big as $215 billion in November 2021, illustrates how once-hot electric vehicle stocks have been usurped by big tech, and particularly anything involving artificial intelligence.
Tesla shares have fallen 34% this year, making it the worst performer in the S&P 500 Index. It’s been battered by a global slowdown in EV demand, growing competition in China and production problems in Germany.
