Elon Musk’s wealth yesterday fell below that of Mark Zuckerberg for the first time in four years as Tesla’s stock value plummeted.
Musk’s fortune stands at £143 billion, making him the fourth richest person in the world after being overtaken by the Facebook founder.
Zuckerberg, 40, is worth £148 billion, according to Bloomberg’s Billionaires Index.
The tech bosses have a long-standing rivalry, with Musk challenging Zuckerberg to a cage fight in Las Vegas last year.
Last March, Musk, 52, was the world’s richest man, but his net worth took a hit as Tesla’s stock price fell.
Around £38.5 billion has been wiped from Elon Musk’s fortune this year, while Tesla shares have fallen more than 30% since January.
Elon Musk’s (pictured) fortune stands at £143 billion, making him the fourth richest person in the world after being overtaken by the Facebook founder.
Mark Zuckerberg, 40 (pictured), is worth £148 billion, according to Bloomberg’s Billionaires Index.
The South African businessman’s wealth is linked to the success of the electric car manufacturer.
Tough competition from Chinese rivals and production issues in Europe have seen Tesla’s stock price fall more than 50% from its 2021 peak.
Musk also owns X, formerly Twitter, and about 42% of Space X, and has stakes in brain implant company Neuralink and The Boring Company.
The social media platform has faced a series of setbacks since buying it for £35 billion in late 2022.
In the latest blow for Musk, a judge at Brazil’s Supreme Court yesterday opened an investigation against the tech boss after declaring that he would reinstate accounts on X that the judge had ordered blocked.
The multi-billionaire announced that the restrictions had been lifted, saying the court order was unconstitutional.
The move came after X said on Saturday that it had been “forced by court decisions” to block some popular accounts in Brazil.
The South African businessman’s wealth is linked to the success of Tesla, the electric car manufacturer.
Tough competition from Chinese rivals and production issues in Europe have seen Tesla’s stock price fall more than 50% from its 2021 peak.
Musk said the order could result in a total loss of revenue and the closure of offices in the South American country.
While Musk’s fortune has lost value, his competitors have made huge gains this year.
Meta, which owns Facebook and Instagram, saw its share price rise by more than 50% in 2024, adding £46.5 billion to Zuckerberg’s wealth.
A feud between the rival billionaires escalated last year when Musk tweeted that Instagram made people depressed.
He later said that Meta-owned WhatsApp could not be trusted and later challenged Zuckerberg to a cage fight.
A fight was canceled when Musk complained of an injury.
This prompted Zuckerberg to blast the Tesla boss, saying “Elon is not serious” about the fight.
The pair also traded barbs when Meta launched Threads in an attempt to compete with X.
Meta, which owns Facebook and Instagram, saw its share price rise by more than 50% in 2024, adding £46.5 billion to Zuckerberg’s wealth.
Mark Zuckerberg, CEO and founder of Meta, speaks during an event at the company’s headquarters in Menlo Park, California.
The list of billionaires may change daily because the ranking is based on stock market valuation.
Bernard Arnault, founder of LVMH, owner of Louis Vuitton, is the world’s richest man with a net worth of £177 billion.
The luxury mogul was followed by Amazon boss Jeff Bezos with £164 billion.
The e-commerce giant’s stock price has more than doubled since the end of 2022 and has jumped more than 20% so far this year.
Amazon and other tech stocks have been boosted by optimism about the potential of artificial intelligence, increasing Bezos’ personal wealth.
He owns a 9% stake in Amazon and is the retail giant’s largest shareholder, despite selling 50 million shares worth around £6.7 billion in February.
Microsoft founder Bill Gates completes the list of the world’s five richest people with a fortune worth £121 billion.
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