Facebook CEO, Mark Zuckerberg has become a centibillionaire with a net worth of US$100 billion. Zuckerberg has now joined the world’s most exclusive ultra-rich club. The other two men having high net worth are Amazon’s Jeff Bezos and Microsoft’s Bill Gates.
Mark Zuckerberg is Facebook’s chairman and controlling shareholder. He had founded Facebook from his Harvard dorm room in 2004. According to Bloomberg’s Billionaire’s index, his biggest asset is his 13% stake in the company.
Facebook launches Instagram Reels
Zuckerberg’s net worth increased as shares of his social networking site surged six percent after news broke that Facebook launched its TikTok rival, Instagram reels. Instagram Reels was launched a week after Facebook reported strong earnings. Last week, the company reached a new record of 3 billion users across its platforms, including WhatsApp and Instagram.
With the coronavirus pandemic forcing people to stay at home, the social media engagement had increased last quarter, and Facebook benefitted from this increased engagement. The company’s shares are up by almost 30%, this year, which has added US$22 billion to Zuckerberg’s net worth.
CEO Kevin Mayer slams Facebook for the launch of a “copycat product”
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With Trump administration’s threat to ban TikTok, the US market is open to new product launches. Trump issued an executive order on Thursday, that stated that it will block TikTok from operating in the US if its Chinese owner, ByteDance, does not sell the business to a US firm within 45 days.
This news came in after speculations of Microsoft buying TikTok from ByteDance, though the chief of the Chinese company has expressed his concerns over the administration’s forceful approach. CEO Kevin Mayer had also slammed Facebook owner, Mark Zuckerberg stating that they have launched a “copycat product”, Reels.
Mark Zuckerberg to donate the bulk of his earnings to charity
Zuckerberg signed the Giving Pledge in 2010, an initiative started by Warren Buffet, Bill Gates, and Melinda Gates to encourage the world’s richest to donate the bulk of their earnings to charity. In 2015, Zuckerberg announced that he would give away what he makes from 99% of his Facebook stake.