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. Since then, the tech giant has made a remarkable recovery, with its shares closing at an all-time high of $203.23 on Friday.
According to the Bloomberg Billionaires Index, this improvement in stock price has pushed Facebook Co-founder, Mark Zuckerberg, ahead of CEO of Berkshire Hathaway, Warren Buffett, as the world"s third-richest person alive. The aforementioned ranking index tracks the world"s richest 500 people and is updated following the closing of each trading day in New York.
Zuckerberg"s net worth is now $81.6 billion, around $373 million more than Buffett. The Facebook CEO"s worth has risen by around $19 billion in a little over three months, after a steady downfall in the wake of the data privacy scandal, days before the comeback. 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".
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 currently ranked at second place. The top spot was once held by Buffett, but he has since slid down the rankings after major donations to charities such as the Gates" foundation. Interestingly, Zuckerberg has also pledged to give away 99 percent of his Facebook stock in his lifetime.
Source: Bloomberg