Mark Zuckerberg now richer than Elon Musk for first time since 2020

By MarketWatch

Mark Zuckerberg became the third richest person in the world on Friday, surpassing Elon Musk for the first time since 2020.

Musk, who ranked first on the Bloomberg Billionaires Index as recently as early March, fell to fourth after Reuters reported Tesla Inc. had canceled plans for a less-expensive car, sending shares lower, though Musk denied the report.

See: Tesla cancels plans for Model 2 low-cost EV: report

Earlier in the week Tesla (TSLA) reported its vehicle deliveries fell in the three months through March, their first year-over-year decline since the early days of the Covid pandemic in 2020.

See: Tesla's delivery woes suggest the EV maker has an Elon Musk problem

Zuckerberg has added $58.9 billion to his fortune as the stock of Meta Platforms Inc. (META) climbed to fresh highs, including a new record on Friday. Musk's wealth fell by $48.4 billion this year.

It's the first time Zuckerberg has broken into the top three on Bloomberg's ranking of the richest people since Nov. 16, 2020, when he was worth $105.6 billion and Musk's fortune was $102.1 billion, Bloomberg reported. Musk now has a net worth of $180.6 billion; Zuckerberg's is $186.9 billion.

The reversal of the wealth gap between Musk and Zuckerberg, which was as big as $215 billion in November 2021, illustrates how once-hot electric vehicle stocks have been usurped by big technology stocks, particularly anything involving artificial intelligence.

Tesla shares have fallen 34% this year, making it the worst performer in the S&P 500 Index. Tesla has been battered by a global slowdown in electric vehicle demand, growing competition from Chinese auto manufacturers, and production problems in Germany. Meta's stock, meanwhile, has surged 49% thanks to strong quarterly earnings and excitement about the company's AI initiatives.

See also: This intervention can help Tesla and other carmakers compete against China's EV subsidies

Bernard Arnault, the chairman of French luxury giant LVMH Moet Hennessy Louis Vuitton (FR:MC) (LVMHF), and Amazon.com Inc. (AMZN) founder Jeff Bezos hold the first two spots on Bloomberg's wealth ranking with fortunes of $223.4 billion and $207.3 billion, respectively.

-MarketWatch

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04-06-24 1121ET

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