Zuckerberg’s fortune surged by almost $54 million since January, according to Bloomberg Billionaires Index
Meta CEO Mark Zuckerberg is coming for his rival Tesla CEO Elon Musk’s title of the “world’s third-richest person” as with a fortune that has seen a significant surge this year.
Zuckerberg’s fortune has risen by almost $54 million since January, according to the Bloomberg Billionaires Index and as of Friday’s closing bell, he was worth $182 billion, just $7 billion behind Musk.
The 39-year-old tech billionaire, who has not been richer since Novemer 2020, derives most of his wealth from his 13% stake in Meta, the owner of Facebook, Instagram, and WhatsApp, Business Insider reported.
Its shares have surged 43% this year partly due to Zuckerberg’s “year of efficiency” cost-cutting measures.
On the contrary, Tesla’s net worth has dropped by $40 million.
Investors’ concerns about a global demand slowdown have led to a 29% drop for Tesla while Meta and other “Magnificent Seven” tech stocks have risen.
According to Seth Goldstein, an equity strategist, Tesla is “supposed to be a high-growth stock, and the short answer is that this year it looks like it won’t be that high growth.
“When growth there is slowing, we tend to see a big reaction from the market.”
Recently, LVMH chief Bernard Arnault and Amazon founder Jeff Bezos have both overtaken Musk on the Bloomberg index this year.
Last year, Musk and Zuckerberg fueled their rivalry by scolding each other after Meta launched Threads as a potential competitor to X, formerly known as Twitter, which Musk bought for around $44 billion in October 2022.
The two tech moguls even promised to settle their differences in a cage fight but it seems unlikely that will happen.
