ALBAWABA - In a momentous development, American billionaire Elon Musk has lost ground to Meta's founder and CEO, Mark Zuckerberg, to grab the third spot among the world's richest people. This is the first time since 2020 that their rankings have changed significantly.
Elon Musk, who was ranked #1 by the Bloomberg Billionaires Index at the beginning of March, is now down to #4 after Reuters revealed that Tesla, the electric car manufacturer, had abandoned its plans to produce a less expensive vehicle, which caused stock prices to drop. Musk has categorically refuted this claim.
This discovery coincides with the recently disclosed information that Tesla car deliveries decreased during the first quarter of this year—the first annual reduction since the Covid-19 outbreak began.
Since November 16, 2020, when Musk's wealth was $102.1 billion and Zuckerberg's wealth was $105.6 billion, this is the first time that both have appeared in Bloomberg's top three wealth rankings.
At present, Musk has a net worth of $180.6 billion, whereas Zuckerberg's is $186.9 billion.
Due to a 34% decrease in stock price this year, Tesla is the worst performer in the S&P 500 index. The company has blamed a slowdown in worldwide demand, heightened competition in China, and production issues in Germany. On the other hand, Meta's stock has increased by 49% as a result of strong quarterly results and developments in AI projects.
The battle between Musk and Zuckerberg goes beyond just their financial status; once Meta introduced the "Threads" social media site, Musk's "X" platform, the two became more competitive.
With respective fortunes of $223.4 billion and $207.3 billion, Jeff Bezos, the founder of Amazon, and Bernard Arnault, the chairman of the upscale fashion brand LVMH, continue to hold the top two spots in Bloomberg's wealth ranking.
