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4 Jul, 2023 12:38

Musk and Zuckerberg lead wealth surge – Bloomberg

The billionaires have seen their best six months since late 2020, according to the news agency
Musk and Zuckerberg lead wealth surge – Bloomberg

Tesla chief Elon Musk and Meta CEO Mark Zuckerberg led a surge in fortunes among the world’s richest people in the first half of this year, Bloomberg reported on Tuesday.

The world’s 500 wealthiest people, all members of the Bloomberg Billionaires Index, added a total of $852 billion to their fortunes in the first six month of 2023, the financial news service said.

Tesla CEO Musk was the top gainer and added $96.6 billion to his net worth. Meta chief Zuckerberg gained $58.9 billion, according to data compiled by the outlet.

The two billionaires’ wealth was boosted amid a broad market rally, in particular among tech stocks. The Nasdaq 100 surged 39% in the first half of this year and the S&P 500 rose 16% on the back of what Bloomberg described as “investor mania over artificial intelligence,” benefitting both Musk and Zuckerberg.

It was the best six months for billionaires since the second half of 2020, when the economy rebounded from a Covid-induced slump, Bloomberg noted.

According to the Bloomberg Billionaires Index, as of Tuesday, Musk is the world’s richest person with a net worth of $247 billion. Zuckerberg is at number nine with $104 billion.

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