Sundaymail Editor
Warren Buffett is once again richer than Mark Zuckerberg, a reminder of the enduring power of his value-investing approach.
It’s also the result of last week’s precipitous decline in tech stocks, which has wiped about US$50 billion in wealth from Silicon Valley’s richest people.
The net worth of Elon Musk, the world’s richest person, plummeted US$25,8 billion on Thursday, the fourth-steepest one-day fall in the history of the Bloomberg Billionaires Index.
He is down US$54 billion this year.
Zuckerberg, co-founder of Meta Platforms Inc, has seen his fortune fall 12 percent or US$15 billion in 2022.
Buffett’s net worth has risen US$2,4 billion this year to US$111,3 billion.
He now tops Zuckerberg by US$1 billion and is at his highest ranking on the Bloomberg index since last March.
The world’s 500 richest people have lost a combined US$635 billion since January 1 as markets react to anticipated tightening measures from the Federal Reserve and inflation running at its highest level in four decades. — Bloomberg.
Online Reporter