Mark Zuckerberg, the CEO and founder of Facebook, has surpassed Warren Buffett and is now considered to be the third richest person in the world. Reportedly, his net worth is already around $81.6 billion (£61 billion).
The fortune of Zuckerberg now approximately $373 million larger as compared to the net worth of Buffett. According to the Billionaires Index of Bloomberg, the change in rankings puts the Facebook founder only behind Jeff Bezos, the CEO of Amazon, and Bill Gates, the founder of Microsoft, in terms of wealth.
Approximately 98 percent of the wealth of Zuckerberg comes from his stake in Facebook. This means that it ballooned on Friday after the shares in the social media titan increased by 2.4 percent to close at a record high of $202.23. This was considered to be a sign that investors are brushing off any lingering fears regarding the scandal that involved Cambridge Analytica and engulfed Facebook earlier this year.
Last Tuesday, the share price of Facebook had taken a knock after it was revealed that the Federal Bureau of Investigation had started an investigation into how the scandal was allowed to happen, as well as into whether Facebook concealed any information from the public.
Facebook had said that it was already cooperating with the officials. It said that it had “provided public testimony, answered questions, and pledged to continue our assistance as their work continues.”
The news of the scrutiny wiped approximately $12 billion off the market capitalisation of Facebook on Tuesday, however, it has since bounced back, with its shares continuing to push even higher. Over the last year, the shares of the social media company have gained nearly 37 percent.
Meanwhile, Warren Buffett, the renowned investor, has seen his wealth shrink, as the billionaire has given away a huge amount to charity.
Last summer, an analysis that was made by the Chronicle of Philanthropy revealed that Buffett had donated approximately 71 percent of his fortune. The amount is equal to more than $46 billion since 2000. This had made him the most charitable American billionaire.
In a letter that was addressed to his daughter, Zuckerberg famously promised that both he and his wife would give away 99 percent of their net worth in their lifetime.