Facebook CEO Mark Zuckerberg is Now Worth $100 Billion

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SWITZERLAND, AUGUST 8 – Mark Zuckerberg has joined the world’s league of centibillionaires.

The Facebook CEO’s net worth surpassed $100 billion for the first time on Thursday after Facebook released its TikTok competitor, Reels.

Optimism in Facebook Inc. hit record levels following the release of the new Instagram feature which comes as TikTok faces a possible ban in the U.S. as the Trump administration cracks down on China. 

Zuckerberg, 36, joins fellow tech colossi Jeff Bezos, founder and CEO of Amazon, and Bill Gates of Microsoft, as the only people in the world who currently have centibillionaire status (worth over $100bn), according to the Bloomberg Billionaires Index.

The CEO co-founded Facebook from his Harvard dorm room in 2004, and still owns a 13% stake in the company while holding the position of the company’s chairman and controlling shareholder.

Stock in the company Inc. climbed by 6.5 per cent on Thursday, the day after it launched Reels on Instagram. The company itself is currently valued at roughly $720 billion.

The founders of America’s largest tech firms have seen huge levels of wealth accumulation this year during the coronavirus pandemic, which has driven more people than ever online.

Despite the U.S. economy contracting at a record rate, Zuckerberg has seen his wealth increase by $22 billion this year. Jeff Bezos, the world’s richest man, has gained more than $75 billion. 

The country’s largest American tech companies – Facebook Inc, Apple, Amazon.com Inc., Alphabet and Microsoft Corp. – currently have market valuations equivalent to around 30% of U.S. gross domestic product – nearly double the levels in 2018.

The new Instagram Reels feature will let users record and edit 15-second videos with audio, and will let users add visual effects. Users will be able to share Reels with followers in Instagram in a dedicated section called Reels in Explore, or in the Story feature where posts disappear after 24 hours.

The Reels option will be available in the Instagram app. The company has been testing Reels in Brazil since November and in France, Germany and India since earlier this summer.

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