Once again technology strikes as the most robust creator of wealth as Warren Buffett get knocked out and Mark Zuckerberg becomes 3rd richest man, this solidified Mark Zuckerberg’s claim to the Hall of Fame of tech billionaires.
It is the first time in history that the three richest people in the world have made their fortune through technology with Mark trailing behind Amazon.com founder, Jeff Bezos and Microsoft co-founder, Bill Gates.
Despite the massive Cambridge Analytica data scandal and a couple of users’ privacy issues owing to internal bugs, the Facebook stock closed at an all-time record high of $ 203.23, roughly Rs. 14000 on Friday.
Since going live in 2012, Facebook has seen its stock rise by more than 400%. Zuckerberg is now worth $81.6(approximately Rs. 5.61 lakh crores), about $373 million(about Rs.2565 crores) more than Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. Technology fortunes make up about a fifth of the more than $5 trillion in wealth tracked by the Bloomberg index, which is more than any other sector.
Investors are rushing in and adoring the social media network although it saw a dip in the stock market in early 2018 owing to the intense probe over data breach from the US and European governments. Zuckerberg’s ascent is thanks to the investors’ continued embrace of the social network giant that has emerged anew after the fallout from a data-privacy crisis that literally pile drived its shares into the ground, sending them to an eight-month low of $152.22 on March 27.
Buffett’s fall has been mostly due to his charitable nature. He has donated about 290 million Berkshire Hathaway Class B shares to charities, most of it to Gates’ foundation, which is now more than $50 billion, according to data compiled by Bloomberg. Zuckerberg too has pledged away 99 per cent of his Facebook stock in his lifetime.
Facebook has also made great strides in sports streaming, winning exclusive rights to show all 380 live matches in parts of Asia – Thailand, Vietnam, Cambodia and Laos – from 2019 until 2022, a deal worth about $264 million. Due to all of these factors, Mark Zuckerberg becomes 3rd Richest Man in the world.
This disruption in the stock market and the rise of technology as the major wealth producer has extended the boundaries and influences that the internet and other techs might have on the lives of human in the years to come, igniting new hopes for a better tomorrow.
What do you think about this latest development as Mark Zuckerberg becomes 3rd richest man? Tell us in the comments section below.
Poet, author and content writer; studying English(Hons.).