Zuckerberg overtakes Buffett to become third richest person in the world

Zuckerberg overtakes Buffett to become third richest person in the world

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.

Zuckerberg's ascent has been driven by investors' continued embrace of Facebook, the social-network giant that shook off the fallout from a data-privacy crisis that hammered its shares, sending them to an eight-month low of $152.22 (about Rs. 10,467.41) on March 27. Facebook allowed political strategy firm Cambridge Analytica - which helped Donald Trump's campaign - to harvest the private data of 87 million users.

Buffett, the chairman and CEO of Berkshire Hathaway (BRK.A), and once the world's richest person, is now No. 4, at $81.2 billion.

As per a Fortune report, investors are loving Facebook and are happy at the news that Facebook has made its biggest sports streaming deal yet with the Premier League.


The shift is fresh evidence of the growing fortune of those in the tech industry, with the three wealthiest individuals on earth making their money from technology.

According to the Bloomberg index around 20 per cent of the wealth which belongs to the world's 500 richest people, equivalent to $5 trillion, is made through technology. 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 is once the world's richest person, slid in the ranking largely because of his charitable giving.

Those shares are now worth over $50 billion. Zuckerberg has pledged to give away 99% of his Facebook stock in his lifetime.

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