Meta CEO Mark Zuckerberg’s wealth has soared this year as he closes in on Tesla and Space X CEO Elon Musk to become the third-richest person in the world.
Zuckerberg’s Net Worth Rises to $182 Billion as Meta Stocks Perform Well This Year
According to the Bloomberg Billionaires Index, Zuckerberg’s fortune has surged by almost $54 billion since January. The rise in the Facebook founder’s wealth can be attested to Meta’s soaring share price, which currently trades at $483.59 per share.
When the markets closed on Friday, he was worth $182 billion, just $7 billion shy of Musk’s $189 billion net worth. Zuckerberg hasn’t been able to topple Musk on the richest person’s list since November 2020.
Zuckerberg derives most of his wealth from his 13% holdings in Meta – the parent company of Facebook, Instagram, Threads, and WhatsApp. The company’s shares have risen 43% this year, partly due to the CEO initiating stringent cost-cutting measures in preparation for the “year of efficiency”.
Tesla Shares Tumble as Global EV Demand Falls, Costing Musk $40 Billion in Net Worth
On the other hand, Tesla stocks have plummeted 29%, resulting in Musk losing over $40 billion in net worth. Meanwhile, the shares of the EV-maker’s counterparts in the ‘Magnificent Seven’ tech stocks, including Meta and Alphabet – the parent company of Google, have climbed up this year.
Tesla stocks are down because investors are worried about a slowdown in global demand for electric vehicles.
Seth Goldstein, an equity strategist at Morningstar, told the Business Insider that Tesla, which is supposed to be a high-growth stock, won’t be enjoying that high of growth this year. He also noted that when growth slows down, there tends to be a big reaction from the market, which is evident in the case of the EV manufacturer.
Musk vs Zuckerberg
Both Elon Musk and Mark Zuckerberg have made efforts to fire up their rivalry last year, going as far as attempting to combat each other in the boxing ring. The beef began after the Tesla CEO purchased Twitter for $44 billion in October 2022, renaming it ‘X’ and promoting it as the only social media platform that upholds “free speech”.
In retaliation, Zuckerberg launched ‘Threads’, a text-based spin-off of the popular photo and video-sharing app Instagram that functions just like Twitter.
Several days ago, Musk declared that he was still open to fighting Zuckerberg. This came after an X user shared a conversation they had with a tour guide at the Colosseum in Rome, where the supposed fight is set to take place. The guide hysterically told them that the Zuckerberg vs Elon fight was “something we would love to see”.
In response to the post, Musk wrote, “I’m ready to fight Zuck anywhere, anytime, with any rules. LFG!!!”.
There was a whole load of mixed reactions on X with several users taking sides. One user wrote that Zuck had already won the fight as Meta stocks are on the rise and Tesla is plummeting, before adding “he (Zuckerberg) put you (Elon) in an X-induced coma”.
The proposed cage battle between Zuckerberg and Musk was one of the hottest topics of discussion last year. Many reports claimed that the tussle might take place in Italy, with Musk suggesting the Colosseum, while the whole event would be live-streamed on Facebook, Instagram, and X.
However, the fight never materialized after Zuckerberg said it was “time to move on” and he would rather focus on competing with people who take the sport more seriously.
Louis Vuitton CEO Bernard Arnault and Amazon Boss Jeff Bezos are the Richest Men on the Planet
Meanwhile, the Bloomberg Billionaire Index listed Bernard Arnault, CEO of LVMH – which owns luxury fashion brands like Louis Vuitton, Bulgari, and Tiffany & Co, as the richest person on the planet with a net worth of $201 billion. The 75-year-old is followed by Amazon founder Jeff Bezos with a net worth of $198 billion.
More News: Mark Zuckerberg Slams Apple’s Vision Pro Once Again
