The CEO of Tesla Inc, Elon Musk, has moved ahead of Meta CEO Mark Zuckerberg to claim the title of the world's third-richest billionaire, following a resurgence in Tesla's stock value.
What Happened: According to a recent Bloomberg Billionaires Index, Musk's net worth has climbed to $185 billion, marking an almost 9% surge from earlier this week.
This increase positions him ahead of Zuckerberg, whose net worth is now $157 billion, a result of Meta's disappointing earnings that caused a $14 billion dent in Zuckerberg's wealth.
This shift in billionaire rankings follows Zuckerberg's overtaking of Musk earlier this month, marking the first occurrence since 2020.
Despite a 31% dip in Tesla's shares year to date, they have seen an over 18% rise since Tuesday's earnings report. Musk's promises of new model rollouts and ramped-up production have ignited investor optimism for a Tesla comeback.
In contrast, Meta's shares have fallen nearly 11% since Wednesday's earnings report, despite a roughly 27% increase over the same period.
Also Read: Mark Zuckerberg Offers Why Tech Layoffs Won't End Anytime Soon: 'It Was Really Tough'
Zuckerberg has cautioned investors about potential share price instability as Meta pivots towards AI adoption, a move projected to cost the company $40 billion in capital expenditures.
The competition between the two CEOs has been longstanding, escalating after Meta unveiled a Twitter rival soon after Musk acquired the social media platform in 2022.
Why It Matters: This recent shift in billionaire rankings comes amid several noteworthy events. In April 2024, Tesla disclosed a complex web of transactions totaling $9.1 million between Musk's various companies, including SpaceX, X (formerly Twitter), and The Boring Company. This raised questions about corporate governance.
Additionally, Musk publicly opposed a proposed TikTok ban in the U.S., stating that it contradicts the principles of free speech and expression.
On the other end, Zuckerberg shed light on the ongoing trend of layoffs within the tech industry in February 2024, attributing it to a shift towards more efficient operational models. This came as Meta's stock reached an all-time high following significant staff reductions.
Read Next: Tech Titans Clash: Mark Zuckerberg Rises As Elon Musk Falters In Billionaire Rankings
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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