Mark Zuckerberg Beats Elon Musk to become the 3rd richest Person in the World

(CTN News) – Meta CEO Mark Zuckerberg is officially wealthier than Elon Musk, as Tesla’s fast declining stock value depletes Musk’s net worth.

According to Bloomberg‘s Billionaire Index, Mark Zuckerberg’s net worth increased by over $47 billion in 2024, reaching $175 billion as of Wednesday.

On the other hand, Musk has seen his value fall by more than $55 billion to a somewhat lower $174 billion. On Thursday, Tesla’s stock dropped to a new 52-week low, while Meta’s stock rose in value.

Despite being eclipsed by Amazon founder Jeff Bezos and LVMH CEO Bernard Arnault in recent months, Musk remains among the top ten richest persons alive. Microsoft’s Bill Gates and Steve Ballmer, who have net worths of $149 billion and $142 billion, respectively, lag Musk, as does ex-Google CEO Larry Page.

Elon Musk’s Declining Net Worth

Zuckerberg has surpassed Musk for the second time in less than a month, despite Musk’s harsh criticism of the other Big Tech CEO. Musk challenged Zuckerberg to a cage combat last summer but backed out.

Their fortune is mainly dependent on the performance of their companies. Mark Zuckerberg owns roughly 13% of Meta, while Musk controls 20.5% of Tesla stock. Musk also runs numerous other companies, including SpaceX and Neuralink.

Tesla stock has lost 39% in 2024, ranking among the worst performers in the S&P 500. Tesla’s market value has plummeted to approximately $475 billion. Tesla has not been below $500 billion since April 2023, except for a small fall this week.

The company’s worth has decreased due to layoffs, the resignation of two key CEOs, weak first-quarter sales, and a shift in strategy from an affordable electric car to a self-driving robotaxi.

Meanwhile, Meta has thrived since it posted strong fourth-quarter profitability in February and declared its first quarterly dividend. The stock rose 3% on Thursday and is up about 47% year-to-date, currently trading at around $509/share.

UBS analysts recently raised their 12-month price estimate for Meta shares to $610 from $530. Last week, Piper Sandler analysts raised their price target to $600 per share from $525.

According to Motley Fool Asset Management analyst Shelby McFaddin, Meta’s recent concentration on advertising and short-form content on Instagram and Facebook has resulted in significant capital allocation changes.