Facebook founder and CEO Mark Zuckerberg have seen his fortunes rise up to $100 billion after his company introduced new short videos that had the likeness of TikTok to Instagram.
Microsoft had been reported to be in the running to buy the Chinese owned App TikTok but with Facebook introducing literally the same features from the App to Instagram, Mark’s application might just as well swept the market.
After Facebook announced the inclusion of Reels on Instagram on Wednesday, Facebook shares rose by more than 6% and it is essential to note that Zukerberg owns up to 13% of Facebook.
With Mark Zukerberg now being valued at $ 100 Billion, he joins a very secluded group that has Amazon founder Jeff Bezos and Microsoft founder Bill Gates in a category called the “Centibillionaire Club”
As COVID19 continues to affect different sectors and businesses with the lockdowns being implemented by the different countries, technology companies have found an avenue to even become bigger in this phase. Companies like TikTok, Zoom have gained tremendously in this look down phase while Facebook, Amazon, Apple, and Google have been among the biggest benefactors of coronavirus lockdowns and restrictions as more people shop, watch entertainment and socialize online.
Mark Zuckerberg has made $22 Billion this year alone
According to reports, Mark Zuckerberg has seen his fortunes rise by $22 billion this year but the biggest gainer has been Amazon founder made $75 billion this year alone. Two weeks ago, Bezos was reported to have amassed $14 billion.
With US President Donald Trump planning to issue an executive order to ban the use of Chinese owned TikTok in America, users have found it better to quickly adjust to Instagram to use Reel a feature that gives them almost the same abilities as TikTok.
That has of course helped Facebook to wreck in more numbers in the market share which has ultimately seen their founder gain a lot more in wealth too.
In other news that may not be fascinating to Mr. Mark Zukerberg, Jeff Bezos and Bill Gates, former presidential hopeful Bernie Sanders this week unveiled a plan to tax what he called “obscene wealth gains” made by billionaires during the coronavirus pandemic.
The “Make Billionaires Pay Act” would tax 60% of the increase in a billionaire’s net worth from the start of the pandemic through to the end of the year. Mr. Sanders proposes that the tax revenue earned would go towards out-of-pocket health-care expenses for Americans.
Author: Moses Echodu
Moses is an avid Sports and Tech enthusiast. He loves to keep up to date with all the latest information and research on some of the most compelling stories.