Warren Buffett is now richer than Mark Zuckerberg after tech titan lost $31 billion following Meta's stock crash
Meta's share price fell 26% in a day after a dismal earnings report, sending market cap down $240 billion.
- The stock rout sent the
wealthof CEO and controlling shareholder Mark Zuckerbergdown $31 billion.
Zuckerberg's fortune is 30% lower this year to date, sending him to the 10th spot on Bloomberg's
Buffett, meanwhile, is seventh on the Bloomberg Billionaires Index as his net worth has risen about $5 billion to $114 billion — making him the only person in the top 10 to have come out net-positive so far this year.
Meta's stock price plunge also sent the company's market capitalization below Buffett's Berkshire Hathaway for the first time in about two years. Berkshire Hathaway's share price is up 4% year-to-date, while Meta's is down 30% in the same period.
A major Berkshire Hathaway shareholder, Buffett is known for his value investing strategy, which involves buying low-performing quality stocks in the hopes that their share prices will rise later. Value stocks are outperforming growth stocks this year.
Zuckerberg is not the only
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