Friday, 20 July, 2018

Move Over, Warren Buffett-Mark Zuckerberg Is Now the World's Third-Richest

Mark Zuckerberg tops Warren Buffett to become world’s third-richest person Mark Zuckerberg tops Warren Buffett to become world’s third-richest person
Ginger Lawrence | 07 July, 2018, 22:52

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's net worth passed Buffett's on Friday after Facebook shares went up 2.4%. The record stock price comes after a bumpy year for the social network, in which scandals surrounding political elections worldwide-including 2016's US presidential election-left many doubting the clout of one of tech's largest giants.

Jeff Bezos, CEO of Amazon.com (AMZN), and Bill Gates, co-founder of Microsoft (MSFT), are ranked first and second on the richest list, as compiled by the Bloomberg Billionaires Index.

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

Company stock prices are up this year about 15 percent, even though they hit an eight-month low in late March after a wall of complaints over controversial data sharing by the social media giant.

Zuckerberg's net worth is now $81.6 billion, around $373 million more than Buffett. Facebook allowed political strategy firm Cambridge Analytica - which helped Donald Trump's campaign - to harvest the private data of 87 million users. Technology assets make up about 20 percent of the more than $5 trillion in wealth tracked by the index, which is more than any other business. Zuckerberg has pledged to give away 99% of his Facebook stock in his lifetime. 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.