Mark Zuckerberg Becomes the Third Centibillionaire of the World after Facebook Stock Hits Record High Following the Roll Out Of Instagram Reels

On Thursday, Facebook founder and CEO, Mark Zuckerberg, just became the world’s third billionaire to cross the $100 billion mark. Zuckerberg’s net worth is now more than $100 billion for the first time since the social media giant has enjoyed a soaring stock price amid the coronavirus pandemic. According to a report published by Bloomberg, the 36-year-old billionaire joins fellow tech titans Bill Gates and Amazon’s Jeff Bezos, both of whom have already crossed the $100 billion mark. Mark Zuckerberg, Jeff Bezos, and Bill Gates are reportedly the only individuals in the world worth at least $100 billion, according to Bloomberg Billionaires Index.

The net worth of Facebook CEO is mainly derived from his stake in Facebook, and Zuckerberg has a 13% stake in the world’s largest social network - Facebook. The founder of one of the largest tech companies and other executives of online companies have enjoyed a mind-boggling accumulation of wealth during the coronavirus pandemic since people are locked into their houses and spend more time on their devices.

Mark Zuckerberg gained nearly $22 billion during 2020, and Jeff Bezos earned more than $75 billion. The staggering numbers have put the CEOs of tech giants under intense scrutiny. Last month, Facebook’s Mark Zuckerberg, Apple’s Tim Cook, Jeff Bezos, Google’s Sundar Pichai had to testify before Congress to defend allegations that the power and influence of these tech giants are out of control.

Currently, Microsoft, Apple, Alphabet, Amazon, and Facebook have market valuations equivalent to nearly 30% of the United States gross domestic product. Mark Zuckerberg founded Facebook from his Harvard University dorm room back in the year 2004 which is now the world’s largest social media platform. The 36-year-old billionaire says that he plans to give away 99% of his shares in Facebook over his lifetime.

Facebook stock hit a record high following the rollout of Instagram Reels. Reels allow users to create and share short videos on Facebook-owned Instagram app. The feature integrated into Instagram allows users to create and edit 15-second clips, much like the popular video-sharing platform- TikTok. Reels will be made available to users in over fifty countries including the United States, the United Kingdom, Japan, Australia, and India. Instagram Reels is touted to replace ByteDance’s TikTok. It is interesting to note that TikTok is reeling under the pressure of bans in some markets such as India and the United States.



Photo: AP

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