Mark Zuckerberg Tops Warren Buffett to Become the World's Third-Richest Person

Daniel Fowler
July 9, 2018

Facebook CEO Mark Zuckerberg has overtaken Warren Buffett as the world's third-richest person, further solidifying technology as the most robust creator of wealth, Bloomberg reported.

Currently, the richest man on the planet is Amazon founder Jeff Bezos with a net worth of $142 billion, and the second most wealthy person is Microsoft's founder Bill Gates having a net worth of $94.2 billion.

Those shares are now worth more than US$50 billion, data compiled by Bloomberg showed.

The 34-year-old business mogul made the cut into the top 3 richest billionaires list after Facebook shares climbed up to 2.4 percent. The founder of social network Facebook mark Zuckerberg is among the three richest people in the world.

The so-called bug was active May 29 and June 5, and after the bug issue, Cambridge Analytica data scandal involving 87 million users brought Facebook in the limelight.

ZTE replaces entire executive team to comply with technology ban deal
Under the agreement, it will replace its management, pay $1 billion in fines, and place another $400 million in escrow. The company also named a new chief technology officer and a new head of human resources, WSJ said.

Facebook's CEO has pledged to give away the majority of his fortune to charity.

Facebook's stock surged 12% to hit a record high of $203.58 on Friday, before closing at $203.23, valuing the social media giant at $571bn.

Buffett is betting on tech, too. Warren Buffett may seem like the odd one out, but his net worth also has to be with smart investments in companies that have since grown massively, including Apple, American Express and Coca Cola.

Buffett, once the world's wealthiest person, is sliding in the ranking thanks to his charitable giving, which he kicked off in earnest in 2006. The Facebook CEO's worth has risen by around $19 billion in a little over three months, after a steady downfall in the wake of the data privacy scandal, days before the comeback.

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