Mark Zuckerberg handed Elon Musk on Friday to turn out to be the third-richest particular person on the planet, the primary time since 2020 the arch-rival billionaires have held these positions.
Musk, who ranked first on the Bloomberg Billionaires Index as not too long ago as early March, fell to fourth after Reuters reported Tesla Inc. had canceled plans for a less-expensive automotive, sending shares decrease. (Musk denied the report.)
That adopted information earlier within the week that Tesla’s car deliveries fell within the three months by March, their first year-over-year decline for the reason that early days of the Covid pandemic.
Musk’s wealth has shrunk by $48.4 billion this yr, whereas Zuckerberg has added $58.9 billion to his fortune as Meta Platforms Inc. climbs to contemporary highs, together with a brand new report on Friday.
It’s the primary time Zuckerberg has damaged into the highest three on Bloomberg’s rating of the richest individuals since Nov. 16, 2020, when he was value $105.6 billion and Musk’s fortune was $102.1 billion.
Musk now has a internet value of $180.6 billion; Zuckerberg’s is $186.9 billion.
The reversal of the wealth hole between Musk and Zuckerberg, which was as huge as $215 billion in November 2021, illustrates how once-hot electrical car shares have been usurped by huge tech, and notably something involving synthetic intelligence.
Tesla shares have fallen 34% this yr, making it the worst performer within the S&P 500 Index. It’s been battered by a worldwide slowdown in EV demand, rising competitors in China and manufacturing issues in Germany.