Mark Zuckerberg Is Not Rich

Mark Zuckerberg Overtakes Elon Musk as World's 3rd-Richest Person

In a shift in the global wealth rankings, Meta CEO Mark Zuckerberg has surpassed Tesla and SpaceX CEO Elon Musk to become the world's third-richest person. This change comes as the stock prices of their respective companies have moved in opposite directions.

Zuckerberg's net worth has risen to around $142 billion, according to Bloomberg's Billionaires Index, putting him ahead of Musk's $141 billion. This is the first time Zuckerberg has held the number three spot since 2019.

The primary driver behind Zuckerberg's rise is the strong performance of Meta's stock. Shares of the Facebook parent company have gained over 50% so far this year, buoyed by the company's focus on artificial intelligence and its metaverse ambitions.

In contrast, Elon Musk's net worth has declined as Tesla's stock has struggled. Tesla shares have fallen by around 25% in 2023 amid concerns over production challenges, increased competition in the electric vehicle market, and Musk's acquisition of Twitter.

The wealth rankings of the world's richest individuals can be volatile, with the top spots frequently changing hands between tech titans like Musk, Zuckerberg, Amazon's Jeff Bezos, and Microsoft's Bill Gates.

Zuckerberg's ascent to the number three spot is a testament to Meta's ability to navigate the changing digital landscape and capitalize on emerging technologies like the metaverse. However, the company still faces significant challenges, including regulatory scrutiny, privacy concerns, and competition from rivals like TikTok.

As the tech industry continues to evolve, the battle for the top spots in the global wealth rankings is likely to remain intense, with Musk, Zuckerberg, and other tech leaders vying for the coveted positions.