Mark Zuckerberg overtakes Warren Buffett to become 3rd Richest Man

Eileen GuzmanJul 09, 2018

Facebook CEO trails only Microsoft co-founder Bill Gates and Amazon founder and CEO Jeff Bezos. However, all the three rich people of the world belongs to world of technology. The stock has spiked about 15% this year. Those shares are now worth more than $50bn, according to data compiled by Bloomberg.

Facebook CEO Mark Zuckerberg is now the third richest person in the world, surpassing investor Warren Buffett.

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.

In 2014, Cambridge Analytica obtained data on 50 million Facebook users via means that deceived both the users and Facebook.

On March 27, following a data privacy crisis, Facebook stock hit an all-time low of $152.22.

Tech-created fortunes comprise about 20% of the $5 trillion in wealth tracked by Bloomberg's index, the most of any industry sector. 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 has slid in the rankings due to his charitable giving that he kicked off in 2006, while Zuckerberg has promised to donate 99 percent of his Facebook shares for charity in his lifetime.

Zuckerberg moved up the ladder after Facebook shares climbed 2.4 percent Friday.

What started as a social media platform for college students soon became a company worth $104 billion in 2012, when Facebook held its IPO (Initial Public Offering).

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