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.
Zuckerberg is now worth $81.6 billion, about $373 million more than 87-year-old Buffett. The report noted that this is the first time when the three wealthiest people on the list built their huge wealth in the field of technology.More news: 'I had to stay tough': Djokovic ignores call row to sink Edmund
Zuckerberg's ascent to No. 3 underscores a sharp climb in Facebook shares since late March, when they was reeling following reports of a data-handling scandal with political consultant Cambridge Analytica.
Buffett, who once ranked as the world's wealthiest person, has now slid down to number four, largely in part to his charitable giving.
According to the Bloomberg index around 20 per cent of the wealth which belongs to the world's 500 richest people, equivalent to $5 trillion, is made through technology.More news: Russian Federation 2 Croatia 2 (aet, 3-4 on penalties)
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.
Facebook also came in for major heat in 2016 for the role it played providing a powerful platform for Russian posts and advertising aiming to influence the US election and undermine American democracy.More news: Toyota Supra to race NASCAR Xfinity Series
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