Facebook’s Zuckerberg sees wealth hit $100bn

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Facebook founder Mark Zuckerberg has seen his private wealth rise to $100bn (£76bn) after the launch of a brand new short-form video function.

On Wednesday, Facebook introduced the US rollout of Instagram Reels, its rival to controversial Chinese app TikTok.

Facebook shares rose by greater than 6% on Thursday. Mr Zuckerberg holds a 13% stake within the firm.

He joins Amazon founder Jeff Bezos and Microsoft’s Bill Gates within the unique so-called ‘Centibillionaire Club’.

Technology bosses have been within the highlight not too long ago as the dimensions and energy of their firms and their private fortunes proceed to develop.

Facebook, Amazon, Apple and Google have been among the many greatest benefactors of coronavirus lockdowns and restrictions as extra individuals store, watch leisure and socialise on-line.

Mr Zuckerberg’s private wealth has gained about $22bn this 12 months, whereas Mr Bezos’s has grown by greater than $75bn, based on Bloomberg.

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Media captionWATCH: Instagram rolls out its TikTok rival Reels

TikTok govt order

The short-form video function Reels, which is seen as a rival to the controversial Chinese-owned TikTok platform, works throughout the Facebook-owned Instagram photo-sharing app.

The launch couldn’t have come at a greater time for Mr Zuckerberg as late on Thursday Donald Trump issued an govt order to take care of what the US president referred to as the “risk” of TikTok within the US.

So-called tech titans, together with Mr Zuckerberg, have come below elevated scrutiny from US and European lawmakers over allegations that their energy and affect are uncontrolled.

The 5 largest US tech firms, Apple, Amazon, Alphabet, Facebook, and Microsoft, at the moment have market valuations equal to about 30% of US gross home product (GDP).

Wealth tax

US senator and former presidential hopeful Bernie Sanders this week unveiled a plan to tax what he referred to as “obscene wealth features” made by billionaires through the coronavirus pandemic.

The “Make Billionaires Pay Act” would tax 60% of the rise in a billionaire’s internet price from from the beginning of the pandemic by means of to the tip of the 12 months.

Mr Sanders proposes that the tax income earned would go in the direction of out-of-pocket health-care bills for Americans.

Mr Zuckerberg has beforehand mentioned he plans to present away 99% of his Facebook shares over his lifetime by means of the charitable basis he arrange together with his spouse Priscilla Chan.

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