In the battle of billionaires, Mark Zuckerberg, the CEO of Facebook has surpassed Elon Musk, the CEO of Tesla Motors, for the first time since 2020. According to the Bloomberg Billionaire Index, Musk has slipped to fourth rank after Reuters reported that Tesla Inc has canceled all the plans for a less expensive car. However, Musk then denied the report. Climbing new highs on Friday, Zuckerberg has added $58.9 billion to his fortune as Meta Platforms Inc. performed well while Musks wealth has shrunk by $48.4 billion this year.This marks Zuckerbergs first time inside the top three on Bloombergs list of the worlds richest individuals since November 16, 2020, when Musks wealth was $102.1 billion and his was $105.6 billion. Zuckerberg is worth $186.9 billion, whereas Musk is currently worth $180.6 billion. The reversal of the wealth disparity between Musk and Zuckerberg which peaked at $215 billion in November 2021 shows how big tech, especially artificial intelligence, has supplanted once-hot electric vehicle stocks.Meanwhile, according to the sources, lending to the worst performer in the S&P 500 Index, Tesla shares have fallen 34% this year. Its been attacked by a global slowdown in EV demand, growing competition in China and production problems in Germany. Meta, meanwhile, has surged 49% thanks to strong quarterly earnings and excitement about the companys AI initiatives. Its the fifth-best performer on the S&P 500.Beyond their money, the two billionaires have engaged in rivalry. The public dispute between Musk and Zuckerberg has been going on for a while, and it got more intense when Meta introduced Threads, a social media platform that rivals Musks X. Last year, the two even started teasing each other about a potential cage fight. Reviving the notion on X, Musk, 52, declared he would battle 39-year-old Zuckerberg anywhere, anytime.
