Facebook founder Mark Zuckerberg said his personal fortune rose to $ 100 billion following the launch of the new video short format.
On Wednesday, Facebook announced the launch of Instagram Rails, a rival to the controversial Chinese app TikTok.
Facebook shares rose more than 6 percent Thursday. Zuckerberg owns 13 percent of the company.
Zuckerberg joins the founder of Amazon, Jeff Bezos, and Microsoft founder, Bill Gates, in the club of the billion-dollar billionaires known as the “Santibillionaire Dog.”
The owners of giant tech companies have been in the spotlight recently as the size, strength, and wealth of these companies they own have continued to grow.
Facebook, Amazon, Apple and Google are among the largest companies that have benefited from the general closure due to the outbreak of the Coronavirus and the restrictions imposed in light of the people’s demand for shopping, watching entertainment and social networking on the Internet.
Bloomberg reported that Zuckerberg made a personal fortune of $ 22 billion this year, while Bezos’s fortune grew by more than $ 75 billion.
Executive order banning the application of Tik Tok
The short version of the video feature Rails, seen as a competitor to the controversial Chinese platform TikTok, works within the Instagram-owned photo-sharing app.
And this feature could not have been launched at a better time for Zuckerberg, with the US president, late Thursday, issuing an executive order to deal with what Trump called a “threat” posed by the TikTok app to the United States.
The so-called tech giants, including Zuckerberg, have come under increasing scrutiny by lawmakers in the United States and the European Union over allegations that the power and influence of these companies is out of control.
Currently, the five technology giants in the United States – Apple, Amazon, Alphabet, Facebook and Microsoft – have a market value equivalent to about 30 percent of US GDP.
This week, Senator and former presidential candidate Bernie Sanders unveiled a plan to tax what he called “outrageous wealth gains” that billionaires have accumulated during the coronavirus pandemic.
The “billionaire must-pay law” would impose a 60 percent tax on the increase in billionaires’ net worth from the start of the epidemic to the end of the year.
Sanders suggests that the earned income tax should go towards health care expenses for Americans who do not have the value of those expenses.
Zuckerberg has previously said that he plans to give up 99 percent of Facebook shares during his lifetime to the charity he set up with his wife Priscilla Chan.