Mark Zuckerberg’s wealth passes $100 billion on back of Instagram Reels launch

What do Jeff Bezos, Bill Gates, and now Mark Zuckerberg have in common? In addition to making their fortunes in the tech industry, they are the only people in the world to be worth over $100 billion. Zuckerberg joined the centibillionaire club after shares of Facebook, of which he owns a 13 percent stake, surged on news of Instagram’s new TikTok-style Reels feature.
According to Bloomberg’s Billionaires Index, Zuckerberg’s wealth now exceeds $100 billion, putting him behind Microsoft co-founder Bill Gates ($120 billion) and Amazon boss Jeff Bezos, who’s now worth an incredible $190 billion.

Zuckerberg attained centibillionaire status after Facebook’s shares jumped by more than 6 percent yesterday on the back of news that Instagram, which the social network owns, has launched its Reels feature. Much like TikTok, users can record and edit 15-second multi-clip videos with audio, effects, and new creative tools before sharing them.

Facebook’s shares will likely continue to rise after Donald Trump signed an executive order banning US transactions with TikTok. It comes into effect on September 20, which means that unless Microsoft does acquire its US operations, the app faces an uncertain future in the States.

Back in June, Zuckerberg found himself $7 billion poorer, but remained the fourth-richest person in the world, after a number of companies took part in a Facebook boycott over the platform’s inaction against hate speech. Across the entire year, however, the CEO has seen his wealth grow about $22 billion. That’s small change to Bezos, though, who’s become $75 billion richer in 2020 so far.

US senator and former presidential hopeful Bernie Sanders said he plans to introduce a tax on “obscene wealth gains” made by the super rich during the Covid-19 crisis. The “Make Billionaires Pay Act” would put a 60 percent tax on the increase in billionaires’ net worth from March 18 through to the end of the year.