Mark Zuckerberg surpassed Elon Musk to become the third-richest person in the world according to the Bloomberg Billionaires Index. The development marked the first time when the billionaires’ rankings changed since 2020.
As per the index, Tesla’s Elon Musk secured the top position till early March, however, he fell to the fourth place after reports emerged claiming that Tesla has cancelled plans for a less expensive car, leading to a fall in the firm’s shares, reported Bloomberg.
This also marked the first time Zuckerberg made an entry into the top three richest people in the world according to the Bloomberg index. The last time he was included in the top three was in 2020, when his net worth stood at $105.6 billion. At the time, Musk’s wealth stood at $102.1 billion. As of Friday, the Meta head has a net worth of $186.9 billion, while Musk’s wealth stands at $180.6 billion, according to the index.
Musk’s wealth declined by $48.4 billion in the year, while the Meta head saw an addition of $58.9 billion in his wealth. This climb was attributed to fresh highs reached by Meta Platforms Inc, including a new peak on Friday.
The change in fortunes is indicative of how electric vehicle stocks have been seized by big tech companies and specially anything related to artificial intelligence.
The first two ranks on the index were occupied by Bernard Arnault, chairman of the luxury brand LVMH with a net worth of $223.4 billion, and Amazon.com Inc founder Jeff Bezos, whose wealth stood at $207.3 billion.
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Notably, Tesla has seen a decline of 34 per cent in its shares this year, making the firm the worst performer in the S&P 500 index. The company has been suffering from a global slowdown in the demand for EVs, increasing competition in China, and production issues in Germany.