Mark Zuckerberg Surpassed Warren Buffett As The Third-Richest Person In The World

Facebook CEO, Mark Zuckerberg has overtaken famed investor, Warren Buffett as the world’s third-richest person, reports Bloomberg.

Zuckerberg, 34, is now worth $81.6 billion, about $373 million more than Buffett, the 87-year-old chairman and chief executive officer of Berkshire Hathaway Inc.

Zuckerberg’s ascent has been driven by investors’ continued embrace of Facebook, despite a string of scandals surrounding the social networking site. Facebook shares went up 2.4% on Friday (6th July). It closed at a record $203.23.

Amazon CEO Jeff Bezos and Microsoft cofounder Bill Gates are still ahead of Zuckerberg, with net worths of $139.6 billion and $92.3 billion, respectively. This is the first time that the top three wealthiest people in the world all made their fortunes in technology.

Technology fortunes make up about a fifth of the more than $5 trillion in wealth tracked by the Bloomberg index, more than any other sector. The ranking, which tracks the world’s 500 richest people, is updated after the close of each trading day in New York.

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Buffet, who was once the richest person in the world, is sliding in the ranking thanks to his charitable giving, which he kicked off in earnest in 2006. He has donated a total of 290 million Berkshire Hathaway Class B shares to charities, most of it to Gates’s foundation. According to data compiled by Bloomberg, those share are now worth more than $500 billion. Meanwhile, Zuckerberg has pledged to give away 99% of his Facebook stock in his lifetime.

Read original article here.

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