Home World Facebook boss Mark Zuckerberg worth $100billion as wealth soars during pandemic

Facebook boss Mark Zuckerberg worth $100billion as wealth soars during pandemic

Facebook founder Mark Zuckerberg’s worth has now surpassed $ 100billion (£770m) as of Thursday, according to the Bloomberg Billionaires Index.

It happened after the company released Reels which is designed to be a main competitor to social media platform TikTok.

Investors became more optimistic in Facebook following the releaser of the new Instagram feature, which was released as TikTok faces a potential ban in the US as president Donald Trump continues to crack down on China.

Stock in the company climbed by 6.5% on Thursday, just one day after the launch of its new platform.

The company itself is now estimated to be worth an eye-watering $ 720billion (£550billion).

Mark Zuckerberg’s wealth has increased during the pandemic

Billionaire Zuckerberg, 36, now joins an exclusive group of cenibillionaires who have $ 100billion to their names.

The only others worth more than the Harvard Uni dropout are Microsoft giant Bill Gates and the richest man in the world, Amazon CEO Jeff Bezos.

Facebook is one of the most valuable companies on Earth

Mr Zuckerberg founded the social media platform in 2004 and still owns a massive 13% stake in the company.

Despite the US economy falling drastically due to the coronavirus pandemic, Zuckerberg’s wealth increased by $ 22billion (£17billion).

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Although, this is under a third of the $ 75billion (£58billion) that Jeff Bezos managed to pocket during the same time.

Overall, the US’s largest tech companies – namely Facebook, Apple Amazon, Alphabet and Microsoft have market value worth about 30% of the country’s whole gross domestic product.

Mark Zuckerberg is worth an estimated $ 100billion

The development comes after Jeff Bozos’s ex-wife gave $ 1.7billion (£1.3billion) to charity – but managed to make back $ 2billion (£1.5billion) in a matter of days.

MacKenzie Scott received a quarter of her ex-husband’s Amazon shares in a divorce settlement last year, giving her a 4% stake that was worth more than $ 35billion (£26billion) at the time.

According to a recent estimate by Bloomberg, Scott currently has a net worth of almost $ 61billion (£47billion).

Mr Zuckerberg started Facebook in 2004

Scott signed up to Melinda Gates and Warren Buffett’s Giving Pledge initiative last year.

The initiative encourages the world’s richest people to pledge a majority of their wealth to good causes.

In a post on Medium explaining why she had made the huge donations, she wrote: “Last year I pledged to give the majority of my wealth back to the society that helped generate it, to do it thoughtfully, to get started soon, and to keep at it until the safe is empty.

“There’s no question in my mind that anyone’s personal wealth is the product of a collective effort, and of social structures which present opportunities to some people, and obstacles to countless others.”

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Source Daily Star – World News

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