Published: Sat, July 07, 2018
Finance | By Claude Patterson

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

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

Facebook CEO Mark Zuckerberg is now the third richest person in the world with a net worth of $US81.6 billion, surpassing famed investor Warren Buffett. Zuckerberg now trails only Amazon founder Jeff Bezos and Microsoft Corp co-founder Bill Gates.

Amazon's Jeff Bezos, worth about $141 billion, is first, followed by Microsoft (MSFT) founder Bill Gates, according to the Bloomberg index.

It's the first time in the history of the index that tech moguls have grabbed the top three slots.

Zuckerberg's net worth is now $81.6 billion, around $373 million more than Buffett. The record stock price comes after a bumpy year for the social network, in which scandals surrounding political elections worldwide-including 2016's USA presidential election-left many doubting the clout of one of tech's largest giants.

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.

FBN's Kristina Partsinevelos on the impact on Facebook's stock from the social media company's data scandal.

Tech-created fortunes comprise about 20% of the $5 trillion in wealth tracked by Bloomberg's index, the most of any industry sector.

Facebook also came in for major heat in 2016 for the role it played providing a powerful platform for Russian posts and advertising aiming to influence the USA election and undermine American democracy.

Some 270,000 people downloaded the application and logged in with their Facebook credentials, according to Facebook.

The British firm had initially denied any knowledge of Kogan violating Facebook's terms and said that it had deleted the data once it found out about user breach.

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