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

One Coin to Rule Them All... - Ad

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

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

Israel insists that the strike on Rafah is necessary to counter the numerous Hamas fighters allegedly located there.

TikTok to start labeling AI-generated content as technology becomes more universal

TikTok will begin labeling content created using artificial intelligence when it's uploaded from outside its own platform.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

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

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 .

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.

Elon Musk Talks Immigration, Starlink, Mars, Aliens, And More At MI Global: 'If You Have To Die Somewhere, Might As Well Be Mars'

Elon Musk discussed topics ranging from immigration and space exploration to personal joys during a conversation with Mike Milken at the Milken Institute.

Chinese EV Startup Nio's Stock Jumps Premarket Amid Weak Stock Futures: What's Going On?

The premium EV manufacturer confirmed on Thursday that its subsidiary brand "ONVO" will make its global debut on May 15.

READ THIS If You Missed Out on the AI Boom

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Cathie Wood's Ark Invest Snaps Up $3.54M Worth Of Shares In This Biopharma Company Following Positive Obesity Pipeline Update

As the demand for obesity drugs continues to surge, biopharma companies are eagerly seizing the opportunity to capitalize on the trend.

Nvidia Joins $1.05B Wayve Funding, Advances Automated Driving

Wayve secures $1.05 billion funding, spearheaded by Nvidia and SoftBank, to revolutionize autonomous driving. CEO Alex Kendall's strategy prioritizes adaptable AI, setting the stage for Wayve's expansion and profitability.

The A.I. Story Nobody is Telling You (Read ASAP)

The A.I. Story Nobody is Telling You (Read ASAP) - Ad

There's been a lot of buzz surrounding A.I. over the past couple of years -- but there's only ONE story you should be worried about. Whether you have $500 or $500,000, this radical new A.I. Innovation will have a direct impact on your wealth.

South Carolina Senate turns wide-ranging energy bill into resolution supporting more power

COLUMBIA, S.C. (AP) — A bill that power companies call vital to in South Carolina has been turned into a resolution that only expresses support for the idea by the Senate, which wasn't ready to give more latitude to utilities that cost ratepayers billions.

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.

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.

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.

Katy Perry and Rihanna didn't attend the Met Gala. But AI-generated images still fooled fans

NEW YORK (AP) — No, and didn't attend the this year. But that didn't stop AI-generated images from tricking some fans into thinking the stars made appearances on the steps of fashion's biggest night.

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.

Lilly rides Mounjaro, Zepbound to better-than-expected 1Q profit despite supply issues

Rapidly climbing sales of the and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first-quarter profit.

Bill Gates Shares Heartwarming Scuba Diving Photo With Daughter On Her 28th Birthday: 'I'm In Awe Of How You Dive Headfirst Into Everything.'

Bill Gates and Melinda French Gates each shared heartfelt social media posts to celebrate their daughter Jennifer's 28th birthday, highlighting her achievements as a mother, medical student, and equestrian.

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."

Courtroom Appearances By These Two Members Of Donald Trump's Family Could Help Him In Hush-Money Trial, Say Experts

As former President Donald Trump faces a hush-money trial, legal experts suggest that the presence of his wife, former First Lady Melania Trump, and daughter, Ivanka Trump, could significantly influence t

The Vanishing American Dream? Inflation Hits Even Six-Figure Earners And Threatens Middle-Class Stability: 'They Don't Feel Like They Can Relax...'

The American middle class is grappling with a financial crisis despite earning six-figure incomes, with inflation eroding their purchasing power and threatening their traditional way of life.

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.

Demand Soars For Novo Nordisk's Weight-Loss Drug Wegovy Despite Supply Constraints And Eli Lilly Competition

The Danish pharmaceutical company is now shipping more introductory doses of Wegovy to the U.S., as it grapples with supply constraints and competition from Eli Lilly.

Campaign to build new California city submits signatures to get on November ballot

SAN FRANCISCO (AP) — A wealthy Silicon Valley-backed campaign to build a green city for up to 400,000 people in the San Francisco Bay Area has submitted what it says are enough signatures to qualify the initiative for the November election.

Is This Nvidia's Secret Weapon?

Is This Nvidia's Secret Weapon? - Ad

You've likely heard about Nvidia's incredible success in AI. But without this startup's technology, Nvidia's groundbreaking AI chips simply wouldn't be possible. It's still flying under the radar. That could change very soon with a major announcement on the horizon.

Traffic snarled as workers begin removing bridge over I-95 following truck fire in Connecticut

NORWALK, Conn. (AP) — Workers on Friday began removing a bridge over a Connecticut highway that was damaged in a fiery crash involving a gasoline tanker truck — a project expected to keep both sides of Interstate 95 closed through the weekend and extend a traffic nightmare on the major artery linking New England and New York.

Benzinga Bulls And Bears: Apple, Tesla, AMC, Bitcoin And Shiba Inu's Chart Forms Powerful Technical Patterns

Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories. Stock markets ended the week on a high note following reassuring comments from Federal Reserve Chair Jerome Powell.

Elon Musk Humiliated

Elon Musk Humiliated - 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.

Berkshire Hathaway event gives good view of Warren Buffett's successor but also raises new questions

This year's gave shareholders their best chance yet to hear from the man who will one day take over as CEO when Warren Buffett is gone, but Buffett said for the first time Saturday that should also take responsibility for the company's investments after he takes over, raising new questions about the succession plan.

Why Sprout Social Shares Got Crushed Friday

Shares of Sprout Social fell Friday after reporting first-quarter financial results Thursday and sharing Q2 guidance.Cloud software company Sprout Social (NASDAQ:SPT) saw shared fell 40% Friday after reporting first-quarter financial results Thursday.

One Crypto Can Change Your Financial Life

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

South Korea's 5-Year Plan To Grow Its Console Gaming Market By 2028

South Korea's plan to boost console gaming, diversifying from mobile platforms, through strategic partnerships and market growth projections

Investing guru Warren Buffett draws thousands, but Charlie Munger's zingers will be missed

OMAHA, Neb. (AP) — Tens of thousands of investors are expected to once again descend on an Omaha, Nebraska, arena Saturday to vacuum up tidbits of wisdom from billionaire Warren Buffett. But a key ingredient will be missing from his annual Berkshire Hathaway : It's the first since Vice Chairman Charlie Munger .

Mystery of the Rich and Connected Revealed

Mystery of the Rich and Connected Revealed - Ad

Former Goldman VP reveals a mysterious "Gold Bank" with huge upside potential... Last time we shared this, some folks could have seen a 995% gain. Don't be surprised if you've never heard of this -- most haven't. But he's sharing all in this new video.

Asia Up, Europe Mixed, While Yen Surges Against Dollar - Global Markets Today While US Slept

US stock markets closed higher, driven by strong earnings and mild inflation data. Asian markets also gained, while eurozone and oil prices dipped.

Ethereum 'Looking Good': Technical Analysis Shows It Will Outperform Bitcoin In The Next Days, Says Trader

Prominent crypto analyst Capo Of Crypto shared his analysis of Ethereum (CRYPTO: ETH) and the ETH/BTC pair, suggesting that Ethere

Could Elon's New Device be Bigger than the iPhone?

Could Elon's New Device be Bigger than the iPhone? - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... This mind-blowing new technology could be bigger than the iPhone. And it could make a lot of people wealthy in the coming months and years.

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.

Trending Now