Mark Zuckerberg has overtaken Elon Musk to become the world’s third-richest person, according to recent reports. This is the first time Zuckerberg has surpassed Musk since November 2020, with a significant increase in his wealth. On the other hand, Musk’s wealth has seen a notable decline this year, losing $48.4 billion due to various factors affecting Tesla’s stocks.
The shift in rankings came after Tesla decided to drop plans for a more affordable electric vehicle, causing a drop in their share prices. This led Musk to slip from his top spot to fourth place on the Bloomberg Billionaires Index. In contrast, Zuckerberg’s wealth surged by $58.9 billion, with Meta Platforms Inc., formerly known as Facebook, reaching new record highs.
Tesla’s stocks have fallen by 34% this year due to a slowdown in global electric vehicle demand, increased competition in China, and manufacturing issues in Germany. Meanwhile, Meta’s stock rose by 49% amid strong quarterly earnings and excitement about their AI ventures. The competition between Zuckerberg and Musk extends beyond their financial standings, spilling over into public disagreements about their companies’ strategies.
Overall, the fluctuating fortunes of Zuckerberg and Musk highlight the current market trend favoring big tech and artificial intelligence over electric vehicle stocks. While Musk’s wealth has declined, Zuckerberg’s has grown significantly, placing him above Musk in the world’s richest individuals. Despite their rivalry, both billionaires remain prominent figures in the tech industry, shaping the future of technology and innovation.
Frequently Asked Questions (FAQs) Related to the Above News
Who has overtaken Elon Musk to become the world's third-richest person?
Mark Zuckerberg has overtaken Elon Musk to become the world's third-richest person.
When was the last time Zuckerberg surpassed Musk in wealth?
This is the first time Zuckerberg has surpassed Musk since November 2020.
What led to Musk slipping from his top spot in the Bloomberg Billionaires Index?
A significant decline in Tesla's stocks due to various factors led to Musk slipping from his top spot in the Bloomberg Billionaires Index.
What caused Tesla's stocks to fall this year?
Tesla's stocks have fallen due to a slowdown in global electric vehicle demand, increased competition in China, and manufacturing issues in Germany.
Why did Meta's stock rise significantly?
Meta's stock rose significantly due to strong quarterly earnings and excitement about their AI ventures.
What industry trend is favoring big tech and artificial intelligence over electric vehicle stocks?
The current market trend is favoring big tech and artificial intelligence over electric vehicle stocks.
What are some public disagreements between Zuckerberg and Musk?
Zuckerberg and Musk have had public disagreements about their companies' strategies.
Despite their rivalry, what do both Zuckerberg and Musk remain in the tech industry?
Despite their rivalry, both Zuckerberg and Musk remain prominent figures in the tech industry, shaping the future of technology and innovation.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
