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Mark Zuckerberg has overtaken Elon Musk as the third richest person in the world, with a fortune of $175 billion.
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According to Bloomberg data, Zuckerberg has gained $47 billion in wealth this year, while Musk has lost $55 billion.
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The wealth shift has been caused by shares of Meta Platforms soaring and shares of Tesla falling.
According to Bloomberg data, a near mirror image in stock price performance has helped catapult Mark Zuckerberg ahead of Elon Musk as the third richest person in the world.
Mark Zuckerberg had a net worth of $175 billion as of Wednesday, just slightly overtaking Musk’s net worth of $174 billion. That gap will widen on Thursday as Tesla shares fall to a new 52-week low, while shares of Meta Platforms aim for record highs.
So far, Zuckerberg has added $47.3 billion to his net worth, while Musk has seen his net worth drop by $55.2 billion. That decline has dropped Musk from the status of the world’s richest person to the fourth richest person in the world.
Musk is ahead of Bill Gates’ $149 billion fortune, while Zuckerberg is behind Jeff Bezos’ $203 billion fortune and Bernard Arnault’s $221 billion net worth.
The driving force behind the shift in fortunes for Musk and Zuckerberg is the performance of their respective stocks. Meta Platforms is up 43% this year, while Tesla shares are down almost 40%.
Solid fourth-quarter earnings results, a newly initiated dividend and growing investor enthusiasm about the impact artificial intelligence is having on Meta Platforms’ underlying business stand in stark contrast to Tesla’s slowing revenue growth, declining profit margins and ‘these- changing’ developments. “robotaxi runs at Tesla.
Zuckerberg’s source of wealth is extremely concentrated in Meta Platforms stock. The Facebook co-founder owns about 13% of the social media company. That’s in contrast to Musk, who has many business ventures driving his fortune, including Tesla, SpaceX and X.
Musk and Zuckerberg have clashed in the past, culminating in both agreeing to fight in a cage match last year. The fight never took place.
Read the original article on Business Insider
