Elon Musk Overtakes Mark Zuckerberg As World's Third-Richest Amid Stock Market Shake-Up

Bibhu Pattnaik

April 27, 2024

The CEO of Tesla Inc, Elon Musk, has moved ahead of Meta CEO Mark Zuckerberg to claim the title of the world's third-richest billionaire, following a resurgence in Tesla's stock value.

What Happened: According to a recent Bloomberg Billionaires Index, Musk's net worth has climbed to $185 billion, marking an almost 9% surge from earlier this week.

This increase positions him ahead of Zuckerberg, whose net worth is now $157 billion, a result of Meta's disappointing earnings that caused a $14 billion dent in Zuckerberg's wealth.

This shift in billionaire rankings follows Zuckerberg's overtaking of Musk earlier this month, marking the first occurrence since 2020.

Despite a 31% dip in Tesla's shares year to date, they have seen an over 18% rise since Tuesday's earnings report. Musk's promises of new model rollouts and ramped-up production have ignited investor optimism for a Tesla comeback.

In contrast, Meta's shares have fallen nearly 11% since Wednesday's earnings report, despite a roughly 27% increase over the same period.

Also Read: Mark Zuckerberg Offers Why Tech Layoffs Won't End Anytime Soon: 'It Was Really Tough'

Zuckerberg has cautioned investors about potential share price instability as Meta pivots towards AI adoption, a move projected to cost the company $40 billion in capital expenditures.

The competition between the two CEOs has been longstanding, escalating after Meta unveiled a Twitter rival soon after Musk acquired the social media platform in 2022.

Why It Matters: This recent shift in billionaire rankings comes amid several noteworthy events. In April 2024, Tesla disclosed a complex web of transactions totaling $9.1 million between Musk's various companies, including SpaceX, X (formerly Twitter), and The Boring Company. This raised questions about corporate governance.

Additionally, Musk publicly opposed a proposed TikTok ban in the U.S., stating that it contradicts the principles of free speech and expression.

On the other end, Zuckerberg shed light on the ongoing trend of layoffs within the tech industry in February 2024, attributing it to a shift towards more efficient operational models. This came as Meta's stock reached an all-time high following significant staff reductions.

Read Next: Tech Titans Clash: Mark Zuckerberg Rises As Elon Musk Falters In Billionaire Rankings

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo: Shutterstock

Recommended

The Man Who Bought Bitcoin at $5 Reveals His Next Tiny Crypto Gem for 2024 - Ad

The Next Wave of AI Is Here - Ad

Urgent: Don't Repeat the Mistakes of the Dotcom Crash... - Ad

Popular

Top 3 Materials Stocks You May Want To Dump In May

Three stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

New US tariffs on Chinese electric vehicles, batteries and solar cells could raise consumer prices

WASHINGTON (AP) — New tariffs on Chinese electric vehicles and batteries, solar cells, medical equipment and other goods are . They could raise prices on certain specific items, experts say, though a broad inflationary impact is unlikely in the short term.

Election Shock on August 19th?

Election Shock on August 19th? - Ad

In less than 258 days, I expect the biggest presidential election shock since 1968. Forget about Donald Trump... And forget about Joe Biden... Instead, I believe the unexpected is barreling toward America. And I believe the aftermath will transform this country forever.

What's Going On With Palantir Technologies Stock Today?

Last week, Palantir Technologies reported strong Q1 results, beating revenue estimates and delivering six straight quarters of GAAP profitability. It also raised its full-year guidance and aims to be the dominant AI infrastructure in the market.

Meme stocks are roaring again. This time may be different

NEW YORK (AP) — are once again. That shouldn't be much of a surprise.

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Biden Vs. Trump Contest Could Be Lost Cause For One Candidate If History Were Anything To Go By, According To Pollster

The 2024 election is viewed as closely contested at this stage, with no clear lead emerging, but historical trends suggest a likely winner.

Southwest Airlines is considering changes to its quirky boarding and seating practices

DALLAS (AP) — Southwest Airlines is studying changes to its quirky boarding and seating policies as it searches for ways to .

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

Last Week's Worst-Performing Stocks: Are These 10 Large-Cap Stocks In Your Portfolio? (May 5-May 11, 2024)

EPAM, SHOP, RBLX, BLDR, PLTR, ALAB, SUZ, VIV, ABNB, DIS were worst performers last week. Analysts revised price targets for these stocks.

Trump Meets With DeSantis, Noem Stirs Up Controversy: How Will Republican Vice President Betting Odds Be Impacted?

The relationship between Donald Trump and Ron DeSantis was heated at times during the Republican primary season, before the Florida governor dropped out of the 2024 presidential election and threw his support behind the

Must-See: Elon's New Invention is Absolutely Insane

Must-See: Elon's New Invention is Absolutely Insane - Ad

When you click here and see what Elon Musk's new invention does... And how it works... You will NOT believe it. You'll tell yourself this is just science fiction. But Elon just tested this in a real human... And the result was mind-blowing.

Here's How Much A Super Bowl LIX Commercial Will Cost, How Fox Corporation Stock Could Benefit

Super Bowl LIX is months away, but it's already time to talk about the commercials with a high price tag already reported.

Berkshire Hathaway's Q1 Operating Earnings Surged 39% â€” Here's Why

Berkshire Hathaway's Q1 operating earnings surge 39%, driven by strong performance in insurance businesses and investment gains.

Millionaire Investor Makes Surprising Election Prediction

Millionaire Investor Makes Surprising Election Prediction - Ad

Louis Navellier says he knows who's going to win the election. And how they could send six specific AI stocks through the roof on their first day.

Elon Musk Shares Who He'd Want To Spend His Last Moments With In Response To Warren Buffett's Advice

Over the weekend, Elon Musk agreed with a sentiment shared by investment titan Warren Buffett about the importance of spending time with loved ones, despite their contrasting investment philosophies.

Top 4 Health Care Stocks Which Could Rescue Your Portfolio This Month

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.

Buy This Next Gen Crypto Before Its Big Upgrade

Buy This Next Gen Crypto Before Its Big Upgrade - Ad

Experts predict this one crypto will soar 7,200% by the end of the decade... and grow 20X bigger than bitcoin. But you must get in before it's big.

'Wow:' Elon Musk Reacts To Stack Overflow Users' Revolt Against OpenAI Deal

This reaction comes amid a backdrop of ongoing tension between Musk and OpenAI.

Shopify Prepares To Report Q1 Earnings: Charts Indicate Bullish Reversal, Analysts Predict Downside

Shopify (SHOP) will report Q1 earnings on Wednesday. Technical indicators suggest a bullish trend, while analysts foresee a downside potential of -17.70%.

"Perma Bull" Predicts Shocking AI Annihilation...

"Perma Bull" Predicts Shocking AI Annihilation... - Ad

Forbes referred to him a "perma bull"...He just shocked the world by issuing a massive bear warning about AI stocks. No one could have seen this coming. When this AI crash is over, he says many will lose everything.

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video

CHARLOTTE, N.C. (AP) — Saing Chhoeun was locked out of his Charlotte, North Carolina, home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were from the direction of his neighbor's house.

Earn Instant Cash Flow (using THIS tactic)

Earn Instant Cash Flow (using THIS tactic) - Ad

Can you imagine earning $1,118,721/hr? That's what greedy Wall Street elites have been pocketing for 22 straight years. And now it's available to you.

Why Is Apple Stock Soaring Premarket Today?

Apple shares appear on track to reclaim the $180 level for the first time since the start of March after quarterly earnings.

California is testing new generative AI tools. Here's what to know

SACRAMENTO, Calif. (AP) — Generative artificial intelligence tools will soon be used by California's government.

The Key to Capitalizing on the AI "Gold Rush"

The Key to Capitalizing on the AI "Gold Rush" - Ad

The AI boom is setting off a $15.7 trillion wealth explosion. Forbes predicts it will unleash the greatest profit engine in history. But only some AI companies and their stock are worth considering. With such rapid market growth, it's crucial to distinguish companies that are fully leveraging AI and more importantly, the ones with mass adoption potential.

Elon Musk Debunks Tucker Carlson's Alien Theory, SCOTUS On Trump's Immunity, North Korea's Military Pledge And More: This Week In Politics

The week was filled with intriguing stories, from Elon Musk's dismissal of alien theories to the U.S. Supreme Court's deliberation on former President Donald Trump's immunity claims.

'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800%, Crypto Market Rallies As Sentiment Soars And More: This Week In Cryptocurrency

The week was a rollercoaster ride for the cryptocurrency market. The crypto world was buzzing with news, from Shiba Inu’s surging burn rate to speculation of certain altcoins becoming irrelevant.

Forget AI...THIS Is Way Bigger

Forget AI...THIS Is Way Bigger - Ad

While the world has been obsessed with AI and ChatGPT... Jeff Bezos has quietly gone all in on a technology that's going to prove to be FAR bigger. If you've never heard of "QaaS" technology you need to

Fraudsters target small businesses with scams. Here are some to watch out for

NEW YORK (AP) — It's never fun to be scammed, but if you're a small business owner then falling for a scam can have long-lasting effects on a business, damaging client relationships and profit.

Three groups are suing New Jersey to block an offshore wind farm

LONG BEACH TOWNSHIP, N.J. (AP) — Three anti-wind power groups are suing New Jersey to overturn a key environmental approval for a wind energy farm planned off the coast of Long Beach Island.

Stock Alert: "Red Flag" Warning

Stock Alert: "Red Flag" Warning - Ad

The Wall Street legend who called the 2020 tech crash just issued a jarring warning about the AI market.

Colombia breaks diplomatic ties with Israel but its military relies on key Israeli-built equipment

BOGOTA, Colombia (AP) — Colombia has become the latest Latin American country to announce that it over its military campaign in Gaza, but the repercussions for the South American nation could be broader than for other countries because of longstanding bilateral agreements over security matters.

Why UBS Shares Are Seeing Blue Skies Today

UBS Group AG reported strong first-quarter FY24 results, with sales of $12.74 billion and net profit of $1.76 billion. The company plans to cut jobs and complete a merger with Credit Suisse AG by May 2024.

This Is Where the World's Richest Men Are Putting Their Money

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

Move Over Nvidia: Experts Bullish On Intel's AI Chip, Predict Surge In These Three Global Stocks

Charlie Chan and his team at Morgan Stanley forecast that the total Gaudi shipment volume could hit 300-400k units in 2025, generating $2-3bn revenue for Intel.

I-95 overpass in Connecticut scorched during a fuel truck inferno has been demolished

NORWALK, Conn. (AP) — A bridge damaged in a fiery crash that kept Interstate 95 in Connecticut has been demolished.

Buy Alert: Invest in This Coin Before... [Details Inside]

Buy Alert: Invest in This Coin Before... [Details Inside] - Ad

Today, Ian issued a new "buy alert. He's calling this one "the greatest investment in history," and adds: "All my data is clear. It will be 20X bigger than bitcoin. "But you'll want to invest before the upgrade date.

Bitcoin ETFs Record $51M Net Outflows On Monday, Continue 3-Week Outflow Trend

The cryptocurrency investment landscape has been marked by a concerning trend in recent weeks, with significant outflows recorded across major Bitcoin (CRYPTO:

Trending Now