[ad_1]
This text initially appeared on Business Insider.
Mark Zuckerberg has grow to be so much wealthier this 12 months 2024 — and is closing in on his would-be cage-fight rival Elon Musk for the title of the world’s third-richest individual.
The Meta CEO’s fortune has surged by virtually $54 billion for the reason that begin of January, in line with the Bloomberg Billionaires Index.
As of Friday’s closing bell, he was price $182 billion — simply $7 billion behind Musk. Zuckerberg hasn’t been richer than the Tesla CEO since November 2020.
Zuckerberg derives most of his wealth from his 13% stake in Meta, the proprietor of Fb, Instagram, and WhatsApp. Its shares have surged 43% this 12 months partly resulting from Zuck’s “year of efficiency” cost-cutting measures.
In distinction, Musk’s personal web price has plummeted by $40 billion. Whereas Meta and a number of other different “Magnificent Seven” tech stocks have climbed increased, Tesla has tumbled 29%. It has been dragged down by traders’ worries a few slowdown in international demand for its electrical autos.
Tesla is “speculated to be a high-growth inventory, and the brief reply is that this 12 months it appears to be like prefer it will not be that top progress,” Seth Goldstein, an fairness strategist at Morningstar, informed Enterprise Insider. “When progress there’s slowing, we are inclined to see a giant response from the market.”
LVMH chief Bernard Arnault and Amazon founder Jeff Bezos have each overtaken Musk on the Bloomberg index this 12 months.
Musk and Zuckerberg each made efforts to play up their rivalry final 12 months. Zuckerberg took a number of swipes on the Tesla CEO after Meta launched Threads as a possible competitor to X, the social media website previously often known as Twitter that Musk bought for $44 billion in October 2022.
At one level, the 2 billionaires even promised to settle their differences in a cage match, though it seems unlikely that’s ever going to occur.
[ad_2]
Source link
