The Founder of Meta, Mark Zuckerberg has overtaken legendary investor Warren Buffett in riches by $7bn, according to Forbes Billionaire Index.
Zuckerberg’s net worth now boasts $125bn, while Buffett finds himself in the 7th position with a net worth of $118bn.
This ascent has also positioned Zuckerberg ahead of Co-founder of Microsoft, Bill Gates who currently holds the 6th position with a net worth of $119bn.
The surge in Zuckerberg’s wealth can be attributed to robust stake performances, catapulting him from 7th place in December to 5th position in the global wealth rankings.
Renowned as the Oracle of Omaha, Warren Buffett’s investment strategy as a buy-and-hold enthusiast propelled him to immense wealth through the acquisition of undervalued companies.
Notably, the 93-year-old billionaire has committed a substantial portion of his fortune to philanthropy.
Between 2006 and 2020, Buffett generously donated $41bn, primarily to the Bill & Melinda Gates Foundation and charities benefiting his children.
In 2010, he co-launched the Giving Pledge alongside Bill Gates, encouraging billionaires to commit the majority of their wealth to charitable causes.
Despite his age, Buffett remains actively involved as the CEO. However, in 2021, he indicated that Gregory Abel, overseeing Berkshire’s non-insurance operations, is the likely successor.
The rise of Mark Zuckerberg surpassing both Buffett and Gates in wealth marks a notable shift in the hierarchy of global billionaires, setting a new trend in the landscape of wealth accumulation.
According to Forbes, Zuckerberg initiated 2023 with a valuation of $64bn, marking a remarkable surge of 95.31 per cent in his net worth over the year.
The 39-year-old billionaire’s financial ascent occurred despite legal challenges involving privacy issues with Facebook and various scandals, along with a decline in ad revenue due to the pandemic.
Nevertheless, Meta has exhibited resilience and adaptability, rebounding and flourishing in a challenging environment.
Meta’s shares experienced a significant boost in 2023, rising from $125 per share at the beginning of the year to a peak of $342 in November.
Investors in Meta Platforms, the social media giant, have experienced an impressive 155 per cent year-to-date gain.
This surge in share value is attributed to Meta’s extensive foray into the virtual reality and augmented reality sectors, combined with its enduring dominance over popular social media platforms like Instagram, WhatsApp, and Messenger.
Mark Zuckerberg, the co-founder and CEO of Meta Platforms, initiated the journey with the creation of Facebook in 2004 at the age of 19 while studying computer science and psychology at Harvard University.
Originally designed to match names with photos on campus, Facebook expanded its reach in 2006, allowing individuals at least 13 years old with a valid email address to join.
Daily active users for Facebook and Meta’s family of apps, including Instagram, also saw an increase of 5 per cent and 7 per cent, respectively.
Meta’s Threads app – designed as a Twitter replacement – has experienced a 60 drop in active users from its launch week, according to a report from Similarweb.
In May 2012, Zuckerberg took Meta Platforms public, and by December 2016, he secured the 10th position on Forbes’ list of The World’s Most Powerful People.
Currently, Zuckerberg retains approximately 13 per cent ownership of the company’s stock, further solidifying his influential role in the ever-evolving landscape of social media and technology.
