Mark Zukerberg Joined Centi Billionaire Club With Bill Gates And Jeff Bezos
Zukerberg Personal Assets Have Increased By 22% This Year
After sixteen years of founding the world-renowned social media application Facebook while living in his university dorm room, Mark Zukerberg has now joined along with Jeff Bezos and Bill Gates in the Centi Billionaire Club, as his personal wealth has reached $100 billion. This rapid escalation in the personal assets of Mark Zukerberg has come after Facebook recently updated their application with a short-form video recording feature which has been launched on Wednesday that allows the user to make, edit and post videos like the previously launched Chinese application TikTok. Other social media applications, including Instagram Reels, have also recently launched an update that allows the user to make short duration videos.
Personal wealth gain amid coronavirus pandemic
After banning of TikTok application in India last week, and now the United States government has also banned the use of TikTok inside the country, other social media platforms are launching a new feature that provides the user with a facility to make videos just like TikTok. After the short-video feature was launched by Facebook, the shares of the firm have increased more than 6% on Thursday, which has previously risen up to 30% only this year due to the coronavirus pandemic.
Mark Zukerberg owns 13% of Facebook and Instagram, which has increased his personal wealth for him to reach to the Centi Billionaire Club. Zukerberg, aged 36, has gained about $22 billion as his personal assets this year, while Jeff Bezos, the founder of Amazon, has gained $75 billion during this year. Due to a large number of personal assets, both individuals, along with Bill Gates, are the only three people across the world to be in the Centi Billionaire Club.
The news regarding the gaining of a large number of personal finances and so-called Centi Billionaire Club was revealed after the United States President Donald Trump signed an executive agreement that bans any United States transactions ByteDance, the owner company of TikTok. These technology bosses have been recently receiving the spotlight, as the power and size of their founding companies continue to grow, thus rapidly increasing the size of their personal assets.
During the coronavirus pandemic lockdown across numerous countries globally, Google, Amazon, Facebook, and Apple are some of the biggest benefactors that have provided social activities and entertainment to billions of people worldwide. Due to this, the end result concluded in joining of Mark Zukerberg in the Centi Billionaire Club along with the founders of Microsoft and Amazon.
Executive order for banning of TikTok
Before the banning of TikTok across the United States by the Trump administration, Instagram has launched a new feature in their social media application Instagram, called Instagram reels, which provides the user with the same type of features that are included in TikTok, as the Instagram update is in direct rivalry with TikTok. Due to the update for Facebook and Instagram, the stocks of the firms have risen up, which has lead Mark Zukerberg to join the Centi Billionaire Club. This is perfect timing for the launch of the update, as, according to Trump, the Chinese video-sharing application is a direct threat to the national security of the country.
This large technological titan, who also includes Mark Zukerberg, has come under more scrutiny from the lawmakers of Europe and the United States over allegations that their resources, influence, and power are getting out of control. The top five tech companies in the country, which include Amazon, Apple, Alphabet, Microsoft, and Facebook, currently have the market value equivalent to about 30% of the Gross Domestic Product of the United States. Multiple owners of tech firms have gained a large number of assets amid the coronavirus pandemic.