Zuckerberg tops Buffett to become third-richest person in the world

July 07, 2018 12:55

Facebook Inc co-founder Mark Zuckerberg has overtaken Warren Buffett as the worlds third-richest person, further solidifying technology as the most robust creator of wealth.

Zuckerberg, who trails only Amazon.com Inc founder Jeff Bezos and Microsoft Corp co-founder Bill Gates, eclipsed Buffett as Facebook shares climbed 2.4 per cent, according to the Bloomberg Billionaires Index.

Its the first time that the three wealthiest people on the ranking made their fortunes from technology. 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.

Zuckerbergs 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 on March 27.

Buffett, once the worlds wealthiest person, is sliding in the ranking thanks to his charitable giving, which he kicked off in earnest in 2006.

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