Facebook founder Mark Zuckerberg has joined the so-called ‘centibillionaire club’ after his personal wealth hit $100bn (£76bn) after the launch of a new short-form video feature, Instagram Reel.
The tech giants on Wednesday rolled out the Instagram Reels, to rival controversial Chinese app TikTok, and this saw their shares rise by more than 6% on Thursday. Mr Zuckerberg holds a 13% stake in the company.
He joins Amazon founder Jeff Bezos and Microsoft’s Bill Gates in the exclusive ‘Centibillionaire Club’.
His latest financial landmark comes as tech CEOs undergo greater scrutiny as the size and power of their companies and their personal fortunes continue to skyrocket.
Facebook, Amazon, Apple and Google have been among the biggest benefactors of coronavirus lockdowns and restrictions as more people shop, watch entertainment and socialise online.
Bloomberg reports that Mr Zuckerberg’s personal wealth has gained about $22bn this year, while Mr Bezos’s has grown by more than $75bn.
Mr Zuckerberg has previously said he plans to give away 99% of his Facebook shares over his lifetime through the charitable foundation he set up with his wife Priscilla Chan.