Wednesday, 18 July, 2018

Mark Zuckerberg tops Warren Buffett as world's 3rd-richest

Mark Zuckerberg We'd be this happy too if we were as rich as Mark Zuckerberg. Getty Images
Nellie Chapman | 09 July, 2018, 15:29

Facebook's move pushed CEO Mark Zuckerberg's net worth closer to the top of the list in rankings of the world's wealthiest, and he now sits in fourth place on the Bloomberg Billionaires Index, just behind Warren Buffett.

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.

Now the world has top three Billionaires Jeff Bezos, Bill Gates and Mark Zuckerberg who have earned their fortunes from Internet technology entrepreneurship.

Facebook co-founder Mark Zuckerberg eclipsed Warren Buffett, the 87-year-old chief executive officer of Berkshire Hathaway Inc, as the world's third-richest person.

Now Mark Zuckerberg becomes the 3rd richest person with a net worth of $81.6 billion.

In 2014, Cambridge Analytica obtained data on 50 million Facebook users via means that deceived both the users and Facebook. Zuckerberg shies away from being the Second Richest Person by a margin of $10.7 billion. In spite of the data breach scandal that happened this year, shares of Zuckerberg's Facebook rose over 2.4%.

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.

He has donated about 290 million Berkshire Hathaway Class B shares to charities, most of which have been donated to the Gates's foundation.

Buffet himself has also bet on tech. He started Amazon in 1994 and sold books online, however, his company has an estimated revenue of over $178 billion in 2017.