Facebook's Zuckerberg passes Warren Buffett as world's third-richest person

07 July, 2018, 22:51 | Author: Eric Barnett
  • Facebook CEO Mark Zuckerberg becomes the world's third wealthiest person passing Warren Buffett

Facebook CEO Mark Zuckerberg overtook the legendary investor and Berkshire Hathaway CEO Warren Buffett to become the world's 3rd richest person as per the net worth calculated by Bloomberg.

The ranking list is still being lead by a wide margin by CEO of Amazon, Jeff Bezos - approximately $48 billion worth more than Bill Gates, who is now ranked at second place.

Zuckerberg, 34, is now worth $US81.6 billion ($109.8 billion), about $US373 million more than Buffett, the 87-year-old chairman and chief executive officer of investment company Berkshire Hathaway.

The standings mean that this is the first time the world's three richest people all made their fortunes in technology.

Facebook stock closed at an all-time high of Friday, ending the day at $203.23 up 2.41% on a rally that shows that investors love the social network more than ever. The social network is now valued at about $571 billion going into the weekend, Bloomberg reported.

Zuckerberg's ascent to No. 3 underscores a sharp climb in Facebook shares since late March, when they was reeling following reports of a data-handling scandal with political consultant Cambridge Analytica.

Buffett, once the world's wealthiest person, is sliding in the ranking thanks to his charitable giving, which he kicked off in earnest in 2006.

According to the Bloomberg Index, fortunes made in technology make up about a fifth of the more than $5 trillion, more than any other sector. The top spot was once held by Buffett, but he has since slid down the rankings after major donations to charities such as the Gates' foundation.


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