Mark Zuckerberg passed Elon Musk on Friday to become the third-richest person in the world, the first time since 2020 the arch-rival billionaires have held those positions.
Mr Musk, who ranked first on the Bloomberg Billionaires Index as recently as early March, fell to fourth after Reuters reported Tesla had cancelled plans for a less-expensive car, sending shares tumbling. Mr Musk denied the report.
That followed news earlier in the week that Tesla’s vehicle deliveries fell in the three months through to March, their first year-over-year decline since the early days of the Covid pandemic.
Mr Musk’s wealth has shrunk by $48.4 billion this year, while Mr Zuckerberg has added $58.9 billion to his fortune as Meta Platforms climbs to fresh highs, including a record on Friday.
It’s the first time Mr Zuckerberg has broken into the top three on Bloomberg’s ranking of the richest people since November 16, 2020, when he was worth $105.6 billion and Mr Musk’s fortune was $102.1 billion.
Top 10 richest people in the world 2024 – in pictures
Mr Musk now has a net worth of $180.6 billion; Mr Zuckerberg’s is $186.9 billion.
The reversal of the wealth gap between the two billionaires, which was as big as $215 billion in November 2021, illustrates how once-hot electric vehicle stocks have been usurped by Big Tech, and particularly anything involving artificial intelligence.
Tesla shares have fallen 34 per cent this year, making it the worst performer on the S&P 500 Index.
It’s been battered by a global slowdown in EV demand, growing competition in China and production problems in Germany. Meta, meanwhile, has surged 49 per cent thanks to strong quarterly earnings and excitement about the company’s AI initiatives. It’s the fifth-best performer on the S&P 500.
The two billionaires’ rivalry extends beyond their wealth: Mr Musk and Mr Zuckerberg have been engaged in an continuing public spat that intensified when Meta launched Threads, a social-media platform that competes with X, formerly known as Twitter.
The two even traded barbs last year about a possible cage fight. Mr Musk, 52, recently revived the idea on X, saying he would fight Mr Zuckerberg, 39, “anywhere, anytime”.
Mr Musk’s net worth could take a further hit after his $55 billion Tesla pay package was struck down by a Delaware judge.
The Bloomberg Billionaires Index continues to use the options from that pay package, which are one of Mr Musk’s largest assets, in its calculations of his wealth.
Bernard Arnault, chairman of luxury giant LVMH Moet Hennessy Louis Vuitton, and Amazon founder Jeff Bezos hold the first two spots on Bloomberg’s wealth ranking with fortunes of $223 billion and $207 billion, respectively.
Donald Trump
The value of Donald Trump’s stake in his social media business has tumbled by nearly $2 billion since the company disclosed that it lost more than $58 million in 2023, as revenue for the former president’s Truth Social platform trickled in.
Trump Media & Technology Group’s stock fell 21 per cent last Monday to $48.66 per share, below the $49.95 level where the blank-check vehicle it merged with was trading a week ago.
On Friday, the company, which listed on the Nasdaq on March 26, fell another 12 per cent to close out the trading week at $40.59.
Mr Trump’s current net worth is estimated at $5.1 billion, down from a peak of $7.81 billion on March 28, according to the Bloomberg Billionaires Index.
The former US president owns 57 per cent of the company, according to the filings with the US Securities and Exchange Commission, with his stake now worth about $3.2 billion on paper.
The company generated $4.1 million in revenue for the full year, results reported in a filing on April 1 show, underscoring how richly valued Trump Media is relative to its peers.
The company doesn’t report active user numbers, disclosing in its prospectus in February that Truth Social has about nine million sign-ups across its platforms.
Trump Media has still delivered a meteoric gain of 132.6 per cent this year to date, with its market value sitting at about $5.55 billion after it became a meme stock and captivated retail traders.
Reddit – which went public last month and has a similar valuation – had 267.5 million weekly active users in the last quarter and delivered $804 million in revenue last year.
Meanwhile, Snap, which has a market value of $19 billion, had a net loss of $1.3 billion on $4.6 billion in sales last year. Snap estimated daily active users for the first quarter of about 420 million.
The discrepancy between where Trump Media’s shares trade and how the underlying business performs indicates that some investors use it to signal they support Mr Trump’s push for re-election.
The stock, which has been trading since 2021 under the Spac’s ticker, has more than tripled this year as the retail-trading crowd pumps it with posts across Stocktwits and Reddit’s WallStreetBets forum.
In the filing, Trump Media’s revenue inched higher from $1.47 million in 2022 as it swung to an annual loss. The company recorded a $50.5 million profit in 2022 after receiving a boost from a change in the value related to its convertible notes.
Mr Trump can’t sell the stake immediately due to a six-month lock-up agreement, hindering his ability to monetise the shares and ease his present cash crunch.
His media company debuted on the Nasdaq after the closing of the merger with Digital World Acquisition brought in more than $275 million of much-needed cash. The media start-up had warned that without the deal there were concerns it could go bankrupt.
The heightened valuation has made it costly and risky to bet against, with short sellers facing annual financing costs of 500 per cent to borrow, according to brokers.
That makes it the most expensive US company to bet against with more than $100 million of short interest by a large margin, data from financial analytics firm S3 Partners show.
Companies that go public via Spac have historically been volatile in the days around the merger completion despite little fundamental change.
Prices of some stocks, including VinFast Auto, surged as the small amount available for trading made it easy for traders to drive share prices to extremes, before ultimately cratering.
More than one fifth of the nearly 500 Spac deals that have closed since 2019 are trading below $1 each, a greater than 90 per cent decline.
Steve Cohen
Billionaire Steve Cohen said he expects more businesses will move to a four-day work week – one of the reasons he’s made investments in golf.
“My belief is that a four-day work week is coming,” Mr Cohen, the founder of Point72 Asset Management and owner of the New York Mets, said in an interview with CNBC. “That fits into a theme of more leisure for people.”
Mr Cohen, an avid golfer, said several forces were pushing the world towards fewer work days, including the rise of artificial intelligence. More companies allowing hybrid working means “people are not as productive on Fridays”, he said.
Mr Cohen is part of a consortium that recently agreed to invest up to $3 billion in an entity controlled by golf's PGA Tour.
The deal, with a string of investors including the billionaire Marc Lasry and the Milwaukee Brewers owner Mark Attanasio, is a new commercial venture that will give some players an equity stake. Saudi Arabia’s Public Investment Fund is in continuing discussions over potential investment.
Mr Cohen is also a team owner in a new simulator-based golf league funded by Tiger Woods and Rory McIlroy.
However, Mr Cohen said he’d keep his own traders and portfolio managers working five days a week. “Taking off Friday when you have a portfolio – that would be a problem,” he said.
Jeff Bezos
Jeff Bezos is expanding his property empire with a third mansion on South Florida’s exclusive Indian Creek Island.
The Amazon founder agreed to pay about $90 million in an off-market transaction for a six-bedroom home in the Miami-area enclave, according to sources with knowledge of the matter.
Mr Bezos plans to live there while he tears down the other houses he bought on the island, said one of the sources.
A representative for Mr Bezos declined to comment. Property records show the house was last sold in 1998 for $2.5 million.
Mr Bezos, the world’s second-richest person with a net worth of $207 billion, according to the Bloomberg Billionaires Index, in November said he was moving to Miami from the Seattle region.
He shelled out $147 million for two mansions in Indian Creek, a man-made barrier island so renowned for its wealth that it’s dubbed “Billionaire Bunker”. Residents include Jared Kushner and Ivanka Trump, Tom Brady and Carl Icahn.
Since February, Mr Bezos has sold Amazon shares worth about $8.5 billion after having not disposed from the company stock since 2021. Mr Bezos, 60, hasn’t disclosed plans for the proceeds.
His property holdings include homes in Washington, a Maui estate and a Beverly Hills mansion he bought for $165 million in 2020.
more from Janine di Giovanni
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
More on Quran memorisation:
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: 2019 Audi A8
Price From Dh390,000
Engine 3.0L V6 turbo
Gearbox Eight-speed automatic
Power 345hp @ 5,000rpm
Torque 500Nm @ 1,370rpm
Fuel economy, combined 7.5L / 100km
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Killing of Qassem Suleimani
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The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
MATCH INFO
Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)
Kolkata won by 31 runs
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
Brief scores:
Everton 2
Walcott 21', Sigurdsson 51'
Tottenham 6
Son 27', 61', Alli 35', Kane 42', 74', Eriksen 48'
Man of the Match: Son Heung-min (Tottenham Hotspur)
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Match info
Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')
Bournemouth 1
(Ake 45 2')
Red card: Eric Bailly (Manchester United)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
SCORES
Multiply Titans 81-2 in 12.1 overs
(Tony de Zorzi, 34)
bt Auckland Aces 80 all out in 16 overs
(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
Mohammed bin Zayed Majlis
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Abu Dhabi Sustainability Week
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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