Key Takeaways:
- Mark Zuckerberg’s net worth has surged by almost $54 billion this year, according to Bloomberg data.
- Meta’s soaring share price has boosted the Facebook founder’s wealth.
- Zuckerberg is close to overtaking Elon Musk for the first time since late 2020.
Mark Zuckerberg’s wealth has seen a remarkable surge in the year 2024, bringing him closer to his long-time rival, Elon Musk, in the race for the title of the world’s third-richest person. According to data from the Bloomberg Billionaires Index, Zuckerberg’s fortune has experienced an impressive uptick of nearly $54 billion since the start of January alone. As of the latest update, his net worth stood at a staggering $182 billion, leaving him just $7 billion shy of Musk’s position. This marks a notable shift in their relative standings, with Zuckerberg not having surpassed Musk in wealth since November 2020.
The bulk of Zuckerberg’s wealth stems from his substantial 13% stake in Meta, the parent company of social media giants such as Facebook, Instagram, and WhatsApp. Meta’s stock has witnessed a robust ascent of 43% this year, partly fueled by Zuckerberg’s implementation of cost-cutting measures aimed at enhancing operational efficiency and profitability.
On the contrary, Elon Musk has faced a starkly different trajectory in terms of his net worth, which has seen a notable decline of $40 billion over the same period. This decline is primarily attributed to the challenges faced by Tesla, Musk’s flagship company, as its stock price has plummeted by 29%. Investors’ concerns regarding a potential slowdown in global demand for electric vehicles have contributed significantly to Tesla’s struggles.
Despite their diverging financial fortunes, Zuckerberg and Musk have continued to engage in a public rivalry over the past year. Zuckerberg took several jabs at Musk following Meta’s launch of Threads, a platform perceived as a potential competitor to X, the social media platform formerly known as Twitter, which Musk acquired for a hefty $44 billion in October 2022. Their exchanges have occasionally escalated, with both billionaires even jokingly suggesting the idea of settling their differences in a cage match, though such an eventuality seems highly improbable.
As Zuckerberg’s wealth surges and Musk grapples with challenges in the electric vehicle market, the dynamics of their rivalry and their positions on the billionaire rankings continue to captivate the attention of investors and the public alike.