Forbes has just released their world’s richest billionaires list, with Bill Gates reclaiming the number one spot over Warren Buffett despite loosing $18 billion over last year. Aggregately, Forbes estimates there are now 793 billionaires worth collectively $2.4 trillion, down from 1,125 people collectively worth $4.4 trillion only a year earlier. The biggest decline in personal net worth was $31.9 billion by Anil Ambani, chairman of India’s Reliance Communications, who now has an estimated net worth of $10.1 billion.

Interestingly, Facebook founder Mark Zuckerberg has been entirely knocked off the billionaires list as his companies estimated valuation declined because of the poor current economic climate. Forbes did not provide an estimate of his personal net worth. Forbes has now named German Prince Albert von Thurn as the youngest billionaire at 25 with an estimated net worth of $2.1 billion.

Facebook CEO Mark Zuckerberg today at 11am PST hosted a telephone conference about the new changes to the Facebook terms of service, and the new program to allow Facebook users to actually create privacy policies.

CNET has the live coverage of the phone conference here.

You may remember recently there has been a lot of controversy surrounding the new Facebook terms of service agreements that essentially allowed Facebook to keep your user generated content indefinitely and use it however it wanted. Facebook has since reverted back to its previous terms.

PALO ALTO, Calif. - February 26, 2009 - Facebook today announced a new approach to site governance that offers its users around the world an unprecedented role in determining the future policies governing the service. Facebook released the first proposals subject to these new procedures–The Facebook Principles, a set of values that will guide the development of the service, and Statement of Rights and Responsibilities that make clear Facebook’s and users’ commitments related to the service.

Over the coming weeks, users will have the opportunity to review, comment, and vote on these documents. An update to the Privacy Policy is also planned, and this change will be subject to similar input.

Facebook has just announced the company is reverting back to its previous legal agreements from the new and highly controlling caveats introduced a couple of days ago that would have allowed Facebook to indefinitely store and use your data in any way it pleased. Facebook has now also introduced “Facebook Bill of Rights” which is simply a group for people to provide feedback and suggestions concerning the Facebook TOS. The Electronic Privacy Information Center EPIC was also close to filing a U.S. federal complaint with the FTC. Facebook founder Zuckerberg wrote in a new blog posting, “We concluded that returning to our previous terms was the right thing for now.”

Recent changes made to the Facebook TOS agreements have raised very important privacy concerns. The TOS now outlines Facebook can indefinitely store and use basically anything you post in anyway it likes.

The following sections will survive any termination of your use of the Facebook Service: Prohibited Conduct, User Content, Your Privacy Practices, Gift Credits, Ownership; Proprietary Rights, Licenses, Submissions, User Disputes; Complaints, Indemnity, General Disclaimers, Limitation on Liability, Termination and Changes to the Facebook Service, Arbitration, Governing Law; Venue and Jurisdiction and Other.

In other words, even if Read the full story

Harvard grads Cameron and Tyler Winklevoss and Divya Narendra originally hired Mark Zuckerberg, the CEO and founder of Facebook, to program their ConnectU social network. They allege Zuckerberg stole the code to create his own social network, Facebook. The law firm Quinn Emanuel Urquhart Oilver & Hedges represented ConnectU, and now, the law firm leaked the settlement price with Facebook to have been $65 million in cash and Facebook stock options. The law firm now apparently regrets the release. Facebook did not comment.