Elon Musk’s net worth falls to $181 billion, dropping below Mark Zuckerberg’s $187 billion due to a significant decline in Tesla’s stock. Amid their rivalry, Zuckerberg’s wealth surges with Meta’s stock rise, as tech and luxury goods leaders dominate the global billionaire rankings.
Elon Musk‘s wealth experienced a decline, falling behind Mark Zuckerberg’s for the first time in four years, amid a decrease in Tesla’s stock value.
Musk, with a net worth of $181 billion, has now been surpassed by Zuckerberg, whose wealth is estimated at $187 billion according to Bloomberg’s Billionaires Index, relegating Musk to the fourth position among the world’s wealthiest.
The rivalry between these tech moguls has been notable, including Musk’s challenge to Zuckerberg for a cage fight in Las Vegas last year.
Despite being the world’s wealthiest man as recently as March, Musk has seen a significant reduction in his net worth due to a 30% drop in Tesla’s share price since January, erasing approximately $48.7 billion from his fortune this year.
The downturn in Tesla’s market performance has been attributed to stiff competition, particularly from Chinese firms, and production challenges in Europe, leading to a more than 50% decline from its 2021 high.
Musk’s holdings extend beyond Tesla; he owns X (previously known as Twitter), holds a 42% share in SpaceX, and has investments in Neuralink and The Boring Company.
Since acquiring X for $44 billion in late 2022, the platform has encountered numerous challenges, the latest being a conflict with a Brazilian Supreme Court judge over Musk’s decision to reinstate blocked accounts, deeming the judge’s order unconstitutional.
Meanwhile, Zuckerberg has seen his fortune grow by $58.8 billion this year as Meta’s stock, encompassing Facebook and Instagram, has surged more than 50%.
The rivalry between Musk and Zuckerberg intensified last year with Musk’s critique of Instagram and WhatsApp and a proposed cage fight that ultimately did not occur due to Musk’s reported injury.
The fluctuation in the billionaires’ rankings is driven by stock market valuations, with Bernard Arnault of LVMH currently leading as the richest man globally with a $234 billion fortune.
He is followed by Amazon’s Jeff Bezos and Microsoft’s Bill Gates, highlighting the dynamic and competitive nature of the tech and luxury goods sectors.
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