Mark Zuckerberg passes Warren Buffett to become 3rd richest person on Earth

Lloyd Doyle
July 7, 2018

Facebook co-founder Mark Zuckerberg has overtaken Warren Buffett as the world's third-richest person, further solidifying technology as the most robust creator of wealth.

Zuckerberg, $81.6 billion, jumped ahead of Buffett, $81.2 billion, on Friday as Facebook shares rose by 2.4 percent, according to the Bloomberg Billionaires Index.

It's the first time in the history of the index that tech moguls have grabbed the top three slots. The social network is now valued at about $US571 billion going into the weekend.

As a result, Facebook stock did dip earlier this year-though not after CEO Mark Zuckerberg's congressional testimony regarding the company's data and privacy policies-leading some investors including billionaire hedge manager Jeffrey Gundlach, to proclaim the price a bubble.

Zuckerberg is now worth $81.6 billion, almost $400 million more than Buffett, chairman of the Berkshire Hathaway investment group, rankings show.

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.

In 2014, Cambridge Analytica obtained data on 50 million Facebook users via means that deceived both the users and Facebook.

Tech-created fortunes comprise about 20% of the $5 trillion in wealth tracked by Bloomberg's index, the most of any industry sector.

Despite Facebook's string of scandals in the wake of the 2016 presidential election - including accusations that the social network helped undermine democracy - Zuckerberg's fortune doesn't appear to be suffering for any of it. Zuckerberg has pledged to give away 99 percent of his Facebook stock in his lifetime.

Other reports by Iphone Fresh

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