Musk loses nearly $50 billion from his fortune
For the first time since 2020, Mark Zuckerberg’s fortune has surpassed Elon Musk’s,
making Zuckerberg the third richest person in the world.
Meanwhile, Musk fell to fourth in the rankings after losing $48.4 billion of his wealth,
partly due to Tesla cancelling a project to develop a lower-cost car—a claim Musk denied.
Tesla’s shares also suffered from a decline in car sales in the first quarter of the year.
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On his part, Zuckerberg increased his fortune by $58.9 billion this year,
thanks to the strong performance of Meta Platforms’ shares, allowing him to reach new record levels.
This is the first time Zuckerberg has entered the top three in Bloomberg’s ranking since November 2020.
The competition between Zuckerberg and Musk is not limited to their fortunes but extends to multiple business fields such as artificial intelligence versus electric cars.
The shifts in their fortunes show how technology stocks, especially those related to artificial intelligence,
have recently outperformed the electric vehicle sector.
Tesla
Tesla faces multiple challenges, including a global decline in demand and increased competition,
leading to a sharp 34% decrease in its share value this year.
In contrast, Meta benefited from a 49% increase in its share price,
supported by strong earnings and excitement around its artificial intelligence initiatives.
The competition between Musk and Zuckerberg goes beyond the economic field to personal and public challenges, culminating in Musk’s proposal to face Zuckerberg in a combat duel,
affirming his readiness “to fight anywhere and at any time.”
Musk’s fortune may face further pressure following a judicial decision to cancel Tesla’s huge salary package,
which represented a significant part of his wealth.
Meanwhile, Bernard Arnault and Jeff Bezos continue to occupy the first and second places, respectively,
in Bloomberg’s list of the richest people, with fortunes surpassing both Zuckerberg and Musk.
Musk loses nearly $50 billion from his fortune