Mark Zuckerberg has overtaken Elon Musk to become the third richest person in the world with a net worth of $175 billion, Business Insider reports, UNN writes.
Details
According to Bloomberg, Zuckerberg earned $47.3 billion this year, while Musk lost $55.2 billion. This decline knocked Musk off the podium of the world's richest man to fourth place in the list of the world's richest people, the publication writes.
The changes in wealth were caused by the growth of Meta Platforms shares and the fall of Tesla shares, the publication notes. Since the beginning of the year, Meta Platforms shares have risen by 43%, while Tesla shares have fallen by almost 40%.
According to Bloomberg, Mark Zuckerberg's almost mirror image of stock price dynamics helped him overtake Elon Musk to become the third richest man in the world.
As of Wednesday, Mark Zuckerberg's net worth was $175 billion, only slightly ahead of Musk's $174 billion. On Thursday, this gap was expected to widen, the publication writes, as Tesla shares showed a drop to a new 52-week low and Meta Platforms shares rose to historic highs.
Musk is ahead of Bill Gates with $149 billion, while Zuckerberg is behind Jeff Bezos with $203 billion and Bernard Arnault with $221 billion.
Meta Platforms' good fourth-quarter earnings results, new dividends, and growing investor enthusiasm for the impact of artificial intelligence on its core business stand in stark contrast to Tesla's slowing sales growth, declining profits, and "changing talking points" about Tesla's robotics, the publication notes.
Addendum
The source of Zuckerberg's wealth is concentrated in Meta Platforms shares. The Facebook co-founder owns about 13% of the social media company. This is in contrast to Musk, who has many business projects that bring him wealth, including Tesla, SpaceX, and X, the publication writes.
Musk and Zuckerberg have had disagreements with each other in the past, culminating in the fact that last year they both agreed to fight in a cage. The fight never happened.