Zuckerberg becomes world's third richest man, overtakes Warren Buffett

Despite concerns about data privacy over Facebook, the social network's co-founder and CEO Mark Zuckerberg has overtaken American business magnate Warren Buffett to become the world's third richest person.

Zuckerberg only trails behind Amazon.com's Jeff Bezos and Microsoft founder Bill Gates. The top three are a testament to technology being the most robust creator of wealth in today's world.

Zuckerberg overtook Buffett as Facebook shares touched a record high

Zuckerberg's ascent to the top three marks the first time that the three richest people on the ranking have made their fortunes from technology.

The Facebook CEO over took the 87-year-old Warren Buffett after the Facebook shares climbed 2.4% on Friday, and closed at a record $203.23, up significantly from the $152.22 eight-month-low share price on 27th March, following the Cambridge Analytica scandal.

Zuckerberg's ascent is largely due to bullish investors in Facebook

Despite data-privacy concerns resultant of the Cambridge Analytica scandal jeopardizing Facebook's image and pushing its shares down considerably, it now seems that investors continue to embrace the social media giant.

Thanks to investors, Zuckerberg is currently valued at $81.6bn, $373mn more than Berkshire Hathaway chairman and CEO Warren Buffett, according to the Bloomberg Billionaires Index.

Souce--newsbytesapp