Facebook founder sees wealth hit $100bn after TikTok rival launch

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Facebook founder sees wealth hit $100bn after TikTok rival launch

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

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

Fb 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 Invoice Gates within the unique so-called ‘Centibillionaire Membership’.

Know-how bosses have been within the highlight lately as the scale and energy of their firms and their private fortunes proceed to develop.

Fb, 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 yr, whereas Mr Bezos’s has grown by greater than $75bn, in line with Bloomberg.

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Media captionWATCH: Instagram rolls out its TikTok rival Reels

TikTok government order

The short-form video characteristic Reels, which is seen as a rival to the controversial Chinese language-owned TikTok platform, works throughout the Fb-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 government 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 beneath 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, Fb, 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 positive factors” made by billionaires throughout the coronavirus pandemic.

The “Make Billionaires Pay Act” would tax 60% of the rise in a billionaire’s web price from from the beginning of the pandemic via to the tip of the yr.

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

Mr Zuckerberg has beforehand mentioned he plans to offer away 99% of his Fb shares over his lifetime via the charitable basis he arrange together with his spouse Priscilla Chan.

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