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Zuckerberg overtakes Buffett to become third richest person in the world

The Telegraph logo The Telegraph 06/07/2018 By Hannah Boland
Mark Zuckerberg standing in front of a sign © Provided by The Telegraph

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 shift in rankings, with Mr Zuckerberg's fortune now around $373m larger than Mr Buffett's, puts the Facebook founder only behind Amazon's Jeff Bezos and Microsoft's Bill Gates in terms of wealth, according to the Bloomberg Billionaires Index.

Around 98pc of Mr Zuckerberg's wealth comes from his stake in Facebook, meaning it ballooned on Friday after shares in the social media company rose 2.4pc to close at a record high of $202.23 – a sign investors are brushing off any lingering concerns about the Cambridge Analytica scandal that engulfed Facebook earlier this year. 

Warren Buffett © Getty Warren Buffett

Facebook's share price had taken a knock on Tuesday, after it emerged that the Federal Bureau of Investigation had launched a probe into how the scandal was allowed to happen, as well as into whether Facebook hid any details from the public.

Facebook had said it was cooperating with officials, and had "provided public testimony, answered questions, and pledged to continue our assistance as their work continues".

News of the scrutiny wiped around $12bn off Facebook's market capitalisation on Tuesday, but it has since bounced back, with shares continuing to push higher. Over the past year, the social media company's shares have gained almost 37pc.

Renowned investor Warren Buffett, meanwhile, has seen his wealth shrink, as he has given away a significant amount to charity.

Facebook's founder and CEO Mark Zuckerberg © Reuters Facebook's founder and CEO Mark Zuckerberg

Analysis by the Chronicle of Philanthropy last summer revealed Mr Buffett had donated around 71pc of his fortune, equal to more than $46bn, since 2000, making him the most charitable American billionaire. 

Mr Zuckerberg famously pledged in a letter to his daughter that both he and his wife would give away 99pc of their net worth in their lifetime. 

In Pictures: Mark Zuckerberg is richer than Warren Buffett (Provided by: USA TODAY)

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