Warren Buffett overtakes Mark Zuckerberg as tech fortunes slide


Buffett’s net worth has risen US$2.4bil (RM10.05bil) this year to US$111.3bil (RM466.23bil). He now tops Zuckerberg by US$1bil (RM4.18bil), and is at his highest ranking on the Bloomberg index since last March. — AP

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 this week’s precipitous decline in tech stocks, which has wiped about US$50bil (RM209.45bil) in wealth from Silicon Valley’s richest people.

The net worth of Elon Musk, the world’s richest person, plummeted US$25.8bil (RM108.07bil) on Thursday, the fourth-steepest one-day fall in the history of the Bloomberg Billionaires Index. He’s down US$54bil (RM226.20bil) this year. Zuckerberg, co-founder of Meta Platforms Inc, has seen his fortune fall 12%, or US$15bil (RM62.83bil) in 2022.

Buffett’s net worth has risen US$2.4bil (RM10.05bil) this year to US$111.3bil (RM466.23bil). He now tops Zuckerberg by US$1bil (RM4.18bil), and is at his highest ranking on the Bloomberg index since last March.

Value stocks, the bedrock of Buffett’s investing philosophy and focus of his Berkshire Hathaway Inc, have outperformed tech firms and the S&P 500 Index since the start of the year, declining 4.2% compared with a 9.2% drop for the S&P and 15% for tech.

Buffett, 91, is the only person ranked among the world’s 10 richest whose net worth has grown year-to-date. Berkshire Hathaway’s A shares – which make up 98% of his fortune – have gained 2.3% since Jan 1.

Buffett’s persistent presence among the top rungs of the billionaires index is particularly significant given the amount of money he’s donated over the years: almost US$33bil (RM138.23bil) worth of Berkshire stock to the Bill & Melinda Gates Foundation since 2006. Only Gates himself, currently ranked No. 4 with a net worth of US$127bil (RM532bil), has made charitable gifts of that scale.

The world’s 500 richest people have lost a combined US$635bil (RM2.66 trillion) since Jan 1 as markets react to anticipated tightening measures from the Federal Reserve and inflation running at its highest level in four decades. – Bloomberg

Article type: free
User access status:
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Tech News

India to press ahead with strict cybersecurity rules despite industry concerns
Google's Russian subsidiary to file for bankruptcy after bank account seized
Musk wars with Twitter over his buyout deal – on Twitter
Analysis-Elon Musk can't easily give Twitter the boot over bots
Saudi Arabia's wealth fund takes 5% Nintendo stake
Microsoft seeks to dodge EU cloud computing probe with changes
Analysis: Zombie unicorns - Indian startups go from feast to famine
Want to delete embarrassing old messages on social networks and messengers? Here’s how
Azmin Ali: Amazon Web Services expected to make major investment in Malaysia to develop data centres
Tech war: China bets on open-source RISC-V for chip design to minimise potential damage from ‘being cut off’ by US sanctions

Others Also Read