The co-founder of FacebookMark Zuckerberg has overtaken Warren Buffet as the world’s third-richest person, hence establishing the fact that technology is the robust creator of wealth.
Zuckerberg, who trails only Amazon.com Inc. founder Jeff Bez and Microsoft Corp founder Bill Gates, eclipsed Warren Buffet as Facebook shares climbed 2.4%, according to Bloomberg billionaire index.
Buffett, once the world’s wealthiest person, is sliding in the list all thanks to his charitable giving, which he kicked off in earnest in 2006.
The top 3 wealthiest men in the world owe their fortunes to technology. Zuckerberg, 34, is now worth $81.6 billion, about $373 million more than Buffett, the 87-year-old chairman and chief executive of Berkshire Hathaway Inc.
As a matter of fact, 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.
Just a few months ago, Facebook shares hit an eight-month low in the midst of the Cambridge analytica sandal, which revolved around over 87 million users data being affected by a data breach. Since then, the tech giant has made a remarkable recovery, with its shares closing at an all-time high of $203.23 on Friday.
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.
The top spot was once held by Buffett, but he has since slid down the rankings after major donations to charities such as the Gates’ foundation. Interestingly, Zuckerberg has also pledged to give away 99 per cent of his Facebook stock in his lifetime.