Economy

Facebook's Zuckerberg passes Warren Buffett as world's third-richest person

Facebook's Zuckerberg passes Warren Buffett as world's third-richest person

Mark Zuckerberg has leapfrogged Warren Buffett to become the third richest person in the world, and is now said to be worth around $81.6bn (£61bn).

The ranking list is still being lead by a wide margin by CEO of Amazon, Jeff Bezos - approximately $48 billion worth more than Bill Gates, who is now ranked at second place. 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.

Zuckerberg moved up the ladder after Facebook shares climbed 2.4 percent Friday. Zuckerberg had to face Congress and take full-page newspaper ads to apologize for the data privacy scandal as the #DeleteFacebook movement emerged. This is also the first time that the three wealthiest people on the ranking list have made their wealth from technology, with Buffet's industrial sector being listed as "Diversified".

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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.

Buffett, who is once the world's richest person, slid in the ranking largely because of his charitable giving.

Technology-based fortunes make up about a fifth of more than $5 trillion worth of wealth tracked by Bloomberg index, which tracks the 500 richest people in the world. He's donated about 290 million Berkshire Hathaway Class B shares to charities, most of it to Gates's foundation. Zuckerberg has pledged to give away 99% of his Facebook stock in his lifetime.