Mark Zuckerberg surpasses Elon Musk to claim third richest position

This marks the first time since 2020 that Zuckerberg has held this position, a testament to the meteoric rise of Meta Platforms Inc., the parent company of Facebook.

| Updated: 06 April, 2024 3:17 pm IST
Mark Zuckerberg has ascended to the third spot on the Bloomberg Billionaires Index surpassing Elon Musk

NEW DELHI: Mark Zuckerberg has ascended to the third spot on the Bloomberg Billionaires Index, surpassing Elon Musk in a reversal of fortune that underscores the shifting dynamics within the tech industry.

This marks the first time since 2020 that Zuckerberg has held this position, a testament to the meteoric rise of Meta Platforms Inc., the parent company of Facebook. While Elon Musk, who previously held the top spot on the index, slipped to fourth place amidst recent setbacks for Tesla Inc.

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The cancellation of plans for a budget-friendly car and a decline in vehicle deliveries triggered a downturn in Tesla’s shares, resulting in a significant dent in Musk’s wealth. Despite denying reports of Tesla’s plans, Musk’s net worth plummeted by $48.4 billion this year.

Conversely, Zuckerberg’s fortune has soared by $58.9 billion as Meta Platforms Inc. continues to surge to new heights, buoyed by strong quarterly earnings and investor excitement over its artificial intelligence endeavours. This wealth reversal underscores the dominance of big tech, particularly in areas involving artificial intelligence, as electric vehicle stocks face challenges.

 

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The rivalry between Zuckerberg and Musk extends beyond wealth, with the two engaging in a public spat that has captured attention. The public spat intensified when Meta launched Threads, a social-media platform that competes with Musk’s X. The two even traded barbs last year about a possible cage fight. Musk, 52, recently revived the idea on X, saying he would fight Zuckerberg, 39, “anywhere, anytime.”

Despite the tension, the much-anticipated showdown between Zuckerberg and Musk never materialized, devolving instead into name-calling and taunts. However, their rivalry serves as a microcosm of the broader tech landscape, where innovation, competition, and ego collide.

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