What Happened
With a net worth of $111 billion, Buffett ranked sixth among the world’s richest people and passed Zuckerberg who is currently ranked eight with a $110 billion valuation.Why It Matters
Barring Buffett’s diversified portfolio, the top ten constituents of the billionaires index is mostly tech-heavy. Technology and growth stocks have been down this year amid a rate and inflation related rout.Buffett, referred to as the Oracle of Omaha, has been the chairman and largest shareholder of Berkshire Hathaway since 1970.
The 91-year old investor is known for introducing the value investing philosophy to the masses, advocating investing in companies that show robust earnings and long-term growth potential.
Where Others Stand?
Tesla Inc. CEO Elon Musk is still the world’s richest person, though his wealth has shrunk by $54.1 billion year-to-date.Amazon.com Inc. founder Jeff Bezos held on to the second spot at $164 billion valuation, despite a $27.8 billion year-to-date fall.
Tesla’s Musk had last year joked that Buffett should buy shares in Tesla if he wants to get richer.
Cathie Wood, a Tesla bull who runs Ark Investment Management, has placed large bets on the electric vehicle stock. The popular money managing firm’s flagship ETF, the Ark Innnovation ETF, through which it owns a large stake in Tesla, has lost over half of its value over the past year.
