Elon Musk’s wealth fell below that of Mark Zuckerberg yesterday for the first time in four years as Tesla’s share value plummeted.
Musk’s fortune is worth £143bn, making him the fourth richest person in the world after being overtaken by the Facebook founder.
Zuckerberg, 40, is worth £148bn, according to the Bloomberg Billionaires Index.
The tech bosses have a long-standing rivalry: Musk challenged Zuckerberg to a cage fight in Las Vegas last year.
In March, Musk, 52, was the richest man in the world, but his net worth has taken a hit as Tesla’s share price has fallen.
Elon Musk’s fortune (pictured) is worth £143bn, making him the fourth richest person in the world after being overtaken by the Facebook founder.
Mark Zuckerberg, 40, (pictured) is worth £148bn, according to the Bloomberg Billionaires Index.
Around £38.5bn has been wiped from Musk’s fortune this year, while Tesla shares have fallen more than 30% since January.
The South African businessman’s wealth is linked to the success of the electric car company.
Tough competition from Chinese competitors and production issues in Europe have caused Tesla’s share price to fall more than 50% from its 2021 high.
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 it was bought for £35bn in late 2022.
In the latest blow to Musk, a Brazilian Supreme Court judge yesterday launched an investigation into the tech boss after he said he would reinstate accounts at X that the judge had ordered blocked.
The billionaire announced that the restrictions had been lifted and claimed that the court order was unconstitutional.
It came after X said on Saturday that he had been “forced by judicial decisions” to block some popular accounts in Brazil.
The South African businessman’s wealth is linked to the success of Tesla, the electric car company
Tough competition from Chinese competitors and production issues in Europe have caused Tesla’s share price to fall more than 50% from its 2021 peak.
Musk said the order could result in a complete 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 profits this year.
Meta, owner of Facebook and Instagram, has seen its share price rise more than 50% in 2024, adding £46.5 billion to Zuckerberg’s wealth.
A feud between rival billionaires escalated last year when Musk tweeted that Instagram makes people depressed.
He later said that Meta-owned WhatsApp “can’t be trusted” and then challenged Zuckerberg to a cage fight.
A fight was canceled when Musk complained of an injury.
This led Zuckerberg to criticize the Tesla boss, saying that “Elon is not serious” about the fight.
The pair also traded barbs when Meta launched Threads in an attempt to rival X.
Meta, owner of Facebook and Instagram, has seen its share price rise 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 can change daily as the ranking is based on stock valuations.
Bernard Arnault, founder of LVMH, owner of Louis Vuitton, is the richest man in the world with a net worth of £177 billion.
The luxury goods tycoon was followed by Amazon boss Jeff Bezos with £164bn.
The e-commerce giant’s share price has more than doubled since the end of 2022 and is up more than 20% so far this year.
Amazon and other tech stocks have been buoyed by optimism about the potential of artificial intelligence, which has boosted Bezos’s 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 completed the list of the world’s five richest people with a fortune valued at £121 billion.