The rivalry between the two billionaires extends beyond their wealth, with public spats and competition in the social media space. Musk's net worth may further decrease after his $55 billion Tesla pay package was rejected by a Delaware judge. The top two spots on Bloomberg's wealth ranking are held by Bernard Arnault, chairman of LVMH, and Amazon.com Inc. founder Jeff Bezos.
Key takeaways:
- Mark Zuckerberg has surpassed Elon Musk to become the third-richest person in the world, the first time since 2020 the two have held these positions.
- Musk's wealth has decreased by $48.4 billion this year, while Zuckerberg's has increased by $58.9 billion, largely due to the performance of their respective companies, Tesla and Meta Platforms.
- Tesla shares have fallen 34% this year, making it the worst performer in the S&P 500 Index, while Meta has surged 49%, making it the fifth-best performer on the S&P 500.
- Bernard Arnault and Jeff Bezos hold the first two spots on Bloomberg’s wealth ranking with fortunes of $223.4 billion and $207.3 billion, respectively.