For the first time, Mark Zuckerberg’s fortune has passed $100 billion (£76 billion). His net worth made him join an exclusive club of the world’s centibillionaires.
Zuckerberg’s increased wealth arrives shortly after Facebook launched Instagram Reels, a tool commonly viewed as a rival to TikTok. Facebook is still in the news after the Major Tech and Congress clash on July 29. Senators confronted CEOs of Amazon, Apple, Google, and Facebook about monopoly issues.
Facebook CEO owns a 13 percent stake in Facebook. His net worth passed $100 billion as shareholdings in the social network rose by 6 percent to investor optimism over the TikTok rival’s prospects.
Who holds the centibillionaire title?
The founders of America’s largest technology firms have enjoyed this year’s mind-boggling wealth accumulation as the coronavirus pandemic drives more people online, despite the fastest-paced US economy on record.
This year, Facebook CEO’s net worth has risen by about $22 billion. Bezos’s wealth has jumped by more than $75 billion. On Friday, the first US company to reach such a milestone, Apple could hit a $2 trillion valuation in trading.
Amazon, Apple, Google, Facebook, and Microsoft have stock valuations equal to about 30 percent of US GDP. In the last two years, their combined value nearly doubled. Zuckerberg said he personally plans to give away 99 percent of his Facebook shares during his existence. The Facebook CEO said he will donate his shares to the charitable foundation he set up with Priscilla Chan.
The steps came amid tech giants speaking at a controversial antitrust meeting in the US House of Representatives. The overwhelming figures have put Big Tech under heightened pressure, with Zuckerberg, Bezos, Tim Cook, Apple Chief Operating Officer, and Sundar Pichai, Alphabet Leader, testifying against claims that their power and dominance is out of reach before Congress last month.
Will these centibillionaires be taxed?
Billionaires or not, business executives have increasingly precipitated in high unemployment and a significant GDP fall as COVID-19 bites through the US economy. A study carried out by the organization CGLytics showed that 3,000 public sector members take salary reductions. However, in many instances, they contributed to a relatively limited percentage of total salaries.
US senator Bernie Sanders wants to enact legislation to tax what he called “obscene wealth gains.” He pointed out that the US economy is contracting at the fastest speed ever. The “Making Billionaires Pay Act” will place a 60 percent levy on capital increases earned by the super-rich companies this year. The revenue would be used to cover US citizens struggling to pay health-care expenses.
Trump announced a sweeping ban on US companies transacting with TikTok. Microsoft negotiated the potential acquisition of TikTok ‘s operations in the US, Canada, Australia, and New Zealand. ByteDance, TikTok’s parent company, will decide to either sell its US business to Microsoft or another US corporation such as Apple will be on September 15.