Published: Mon, July 09, 2018
Markets | By Otis Pena

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

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

Facebook co-founder and CEO Mark Zuckerberg has leapfrogged Warren Buffet to become the third richest person alive, Bloomberg reported Friday.

According to the Bloomberg Billionaires Index, 34-year-old Zuckerberg, with a net worth of $81.6 billion, overtook Warren Buffett to take the 3rd spot.

Facebook's data leak scandal couldn't stop Mark Zuckerberg from climbing further up the rich list.

The world's largest social media network is facing scrutiny in Europe and the United States about allegations that London-based political consultancy Cambridge Analytica improperly accessed user information to build profiles on American voters that were later used to help elect US President Donald Trump in 2016. And, for the first time, the planet's three richest people come from tech.

Trump names former Fox executive Bill Shine to communications job
Klayman, a Trump supporter, says that Shine may have broken criminal law for his handling of allegations against Roger Ailes . Shine effectively fills a role that has undergone some of the greatest churn in the Trump Administration.

Facebook appears to have made it through its worst storm to date, though. Since then, the tech giant has made a remarkable recovery, with its shares closing at an all-time high of $203.23 on Friday.

Technology fortunes make up about a fifth of the more than $5 trillion (about Rs. 344 lakh crores) in wealth tracked by the Bloomberg index, more than any other sector. Berkshire Hathaway purchased about 75 million shares of Apple stocks early this year in addition to the 165 million shares that it already had.

Buffett, who once ranked as the world's wealthiest person, has now slid down to number four, largely in part to his charitable giving. The legendary investor has donated about 290 million Berkshire Hathaway Class B shares to charities, most of which went to the Bill & Melinda Gates Foundation. He's worth an astonishing $81.6 billion.

Like this: