Mark Zuckerberg tops Buffett to become world's third-richest man

08 July, 2018, 14:27 | Author: Regina Silva
  • Facebook's stock price closed at an all-time high of Friday ending the day at $203

As a result, Facebook stock did dip earlier this year-though not after CEO Mark Zuckerberg's congressional testimony regarding the company's data and privacy policies-leading some investors including billionaire hedge manager Jeffrey Gundlach, to proclaim the price a bubble.

The standings mean that this is the first time the world's three richest people all made their fortunes in technology.

Just a few months ago, Facebook shares hit an eight-month low in the midst of the Cambridge Analytica scandal, which revolved around over 87 million Facebook users being affected by a data breach.

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. The ranking, which tracks the world's 500 richest people, is updated after the close of each trading day in NY.

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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.

Buffett has donated about 290 million of his shares in Berkshire Hathaway to charities - an equivalent of about $50 billion.

Zuckerberg's net worth passed Buffett's on Friday after Facebook shares went up 2.4%. The "Oracle of Omaha" has donated about 290 million Class B shares, which are now worth more than $50 billion, Bloomberg noted.

Zuckerberg and wife Priscilla Chan have promised they will give away 99 per cent of Facebook stock during their lifetime.

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