Mark Zuckerberg overtook Elon Musk to become the world's third richest man on Friday (April 5). This is the first time since 2020 that the Facebook co-founder topped the mask.

In early March of this year, Musk occupied the first place in the Bloomberg Billionaires Index. But he dropped to fourth place on the list of richest people when the company's share price fell after his electric car maker, Tesla, scrapped plans to make low-cost cars. Earlier, Tesla's sales also fell in March. Musk's net worth fell to $48.4 billion this year, while Zuckerberg's net worth increased to $58.9 billion. For the first time since November 16, 2020, Zuckerberg has risen to the third position in the list of the world's richest people. At that time, his fortune was $105.6 billion and Musk's fortune was $102.1 billion.

Musk currently has a net worth of $180.6 billion; Zuckerberg's net worth is $186.9 billion. Zuckerberg's rise in wealth suggests that once-booming electric vehicle (EV) share prices are being replaced by big tech companies. Tesla shares are down 34 percent this year. Tesla's share price has fallen due to declining demand for EVs around the world, increasing EV competition with China and production problems in Germany. Tesla's performance is the worst in the S&P 500 index. Meanwhile, Meta's share price rose 49 percent due to quarterly revenue growth and various AI initiatives. Meta is the fifth best performer in the S&P 500 index.

The rivalry between the two billionaires is not limited to wealth. When Meta launched Threads, a rival social media platform to Musk's X (formerly Twitter), the two engaged in a public war of words. The two billionaires exchanged heated words last year as they fought in a closed cage. Musk, 53, recently challenged Zuckerberg, 39, to an 'anytime, anywhere' fight on X. Bernard Arnault, chairman of luxury goods giant LVMH Moet Hennessy Louis Vuitton, and Jeff Bezos, founder of Amazon, ranked first and second in Bloomberg's wealth ranking. Arnold and Bezos are worth $223.4 billion and $207.3 billion, respectively.