Facebook boss Zuckerberg now world’s third richest

Facebook CEO Mark Zuckerberg becomes the world's third wealthiest person passing Warren Buffett

Facebook founder Mark Zuckerberg moves ahead of Warren Buffett for the first time in Bloomberg's list of the world's 500 richest people (see table below).

Amazon's Jeff Bezos, worth about $141 billion, is first, followed by Microsoft (MSFT) founder Bill Gates, according to the Bloomberg index.

Zuckerberg is now worth $81.6 billion, almost $400 million more than Buffett, chairman of the Berkshire Hathaway investment group, rankings show.

As a result, Facebook stock did dip earlier this year-though not after CEO Mark Zuckerberg's congressional testimony regarding the company's data and privacy policies-leading some investors including billionaire hedge manager Jeffrey Gundlach, to proclaim the price a bubble.

"You may have heard about a quiz app built by a university researcher that leaked Facebook data of millions of people in 2014", the ads signed by Zuckerberg read.

ZTE names new CEO, top executives to comply with US mandate
Commerce Department's Bureau of Industry and Services (BIS) to conduct certain business from July 2 until Aug 1. The department's decision to grant a reprieve for ZTE has touched off a bipartisan revolt in Congress.

The shift is fresh evidence of the growing fortune of those in the tech industry, with the three wealthiest individuals on earth making their money from technology.

Facebook appears to have made it through its worst storm to date, though.

Facebook's stock surged 12% to hit a record high of $203.58 on Friday, before closing at $203.23, valuing the social media giant at $571bn.

Technology fortunes make up about a fifth of the more than $5 trillion in wealth tracked by the Bloomberg index, more than any other sector.

Buffet himself has also bet on tech. The legendary investor has donated about 290 million Berkshire Hathaway Class B shares to charities, most of which went to the Bill & Melinda Gates Foundation. Zuckerberg has pledged to give away 99% of his Facebook stock in his lifetime.

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