Economy

Mark Zuckerberg is world’s third-richest person, replaces Warren Buffett

Mark Zuckerberg is world’s third-richest person, replaces Warren Buffett

Facebook CEO Mark Zuckerberg overtook the legendary investor and Berkshire Hathaway CEO Warren Buffett to become the world's 3rd richest person as per the net worth calculated by Bloomberg. He's worth an astonishing $81.6 billion.

Zuckerberg becoming the 3rd richest in the world right now means that, for the first time, the 3 richest people alive are all tech titans.

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.

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.

Just a few months ago, Facebook shares hit an eight-month low in the midst of the Cambridge Analytica scandal, which revolved around over 87 million Facebook users being affected by a data breach.

More news: Federer Announces Wimbledon Title Intent With An Easy Win

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

Technology fortunes make up about a fifth of the more than $5 trillion (about Rs. 344 lakh crores) in wealth tracked by the Bloomberg index, more than any other 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.

The 34-year-old CEO of the social networking site previously was on 5th in the world's richest person list with an estimated asset worth $71 billion.


  • Baddiel and Skinner’s Three Lions tops iTunes chart after England win

    Baddiel and Skinner’s Three Lions tops iTunes chart after England win

    The chorus is a familiar burden of hope despite constant failure: "Thirty years of hurt / Never stopped me dreaming". The last of the smart references is the time and date of this year's final: 15 July at 1800 hours.
    Defending champ Chestnut sets record with 74 hot dogs

    Defending champ Chestnut sets record with 74 hot dogs

    Who knew eating hot dogs could be an extreme sport?! She beat out 19 other women, including record-holder Sonya Thomas . Contest rules stipulate that both the bun and the frankfurter must be consumed in order to get the point.
    Trump, Kim Jong-un could meet again in NYC

    Trump, Kim Jong-un could meet again in NYC

    Mr Trump, in remarks broadcast on Fox News Sunday , said Pyongyang was "very serious" about efforts toward denuclearisation. Trump tweeted Tuesday, noting that Kim's government has not conducted rocket launches or nuclear tests in eight months.
  • Charges laid in deadly Humboldt Broncos team bus crash: RCMP

    Charges laid in deadly Humboldt Broncos team bus crash: RCMP

    The truck driver had been initially detained after the crash but he was later released and provided with mental health assistance. Canadian police say someone has been arrested and charged in connection with an April bus crash involving a junior hockey team.
    Former MSNBC Host Ed Schultz Dies At 64

    Former MSNBC Host Ed Schultz Dies At 64

    He transitioned into political commentary in the '90s with a number of regional radio broadcasts in the Midwest. It was at the Russian-funded outlet where Schultz's career took a turn. "I could have retired".
    Meghan Markle ditches the Queen’s one fashion rule to fight the heatwave

    Meghan Markle ditches the Queen’s one fashion rule to fight the heatwave

    Meghan traded her recent neutral hues for a sunny yellow design! Her makeup was understated, and her hair worn in a low bun. Prince Harry complemented Meghan's bright dress in a navy blue suit complete with an olive green tie.
  • Belgium knocks soccer powerhouse Brazil out of World Cup

    Belgium knocks soccer powerhouse Brazil out of World Cup

    But as the referee started to seek a video review, Neymar appeared to urge him against it. Unlike then - an eventual 4-1 victory over Uruguay - there was no comeback.

    Former Sacramento King Tyler Honeycutt found dead after standoff with LAPD

    Roughly six hours after tweeting that SWAT had arrived, officers entered the home and declared the suspect dead at the scene. When police showed up at the residence, the suspect opened fire at the officers, and the officers returned fire.
    North Korea expanding missile plant

    North Korea expanding missile plant

    The images show that the exterior of the plant was being finished around the time of the Trump-Kim summit in Singapore. The wording dropped the usual reference to the "complete, verifiable and irreversible denuclearization ".
  • Sweden have a ‘big chance’ to win World Cup, believes Zlatan Ibrahimovic

    Sweden have a ‘big chance’ to win World Cup, believes Zlatan Ibrahimovic

    Again upsetting the odds, Sweden edged out Italy 1-0 over the two-legged play-off to secure their place in Russian Federation . One key area where the quarter-final could be won or lost is on set-pieces, with both teams excelling in this regard so far.
    Clubs begin to queue up for Yerry Mina

    Clubs begin to queue up for Yerry Mina

    That's because Barcelona worked a £90m release clause into Mina's contract when he arrived at the club. But the Toffees may be beaten to the centre-back by Turkish outfit Fenerbahce.
    Elon Musk Sends Engineers From His Boring Company To Help Cave Rescue

    Elon Musk Sends Engineers From His Boring Company To Help Cave Rescue

    There are probably many complexities that are hard to appreciate without being there in person'. He added that it could supply "fully charged Powerpacks and pumps" to aid authorities.