- The net worth of Mark Zuckerberg reached $100 billion for the first time Thursday after Facebook Inc. hit a record high on excitement about unveiling its TikTok rival Reels.
The net worth of Mark Zuckerberg reached $100 billion for the first time Thursday after Facebook Inc. hit a record high on excitement about unveiling its TikTok rival Reels.
According to the Bloomberg Billionaires Index, the 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the only men in the world who possess a centibillionaire title. Zuckerberg’s fortune comes largely from his Facebook stake of 13 percent.
The owners of America’s largest technology firms have celebrated this year’s mind-boggling wealth creation as the coronavirus pandemic drives more people online, amid the US economy contracting at its fastest record speed. This year, Zuckerberg has raised about $22 billion while Bezos is up more than $75 billion.
The overwhelming figures have put Big Tech, like Zuckerberg, Bezos, Apple’s Chief Executive Officer Tim Cook, and Alphabet Inc. headed by Sundar Pichai under increased scrutiny testifying to defending allegations.
Today, the five biggest American tech firms — Apple, Amazon.com Inc., Alphabet, Facebook, and Microsoft Corp. — have market valuations equal to around 30 percent of U.S. gross domestic product, nearly double what they were in late 2018.
A.S. Elsewhere, Senator Bernie Sanders plans to introduce legislation that would tax what he termed “obscene wealth gains” during the coronavirus crisis. The “Making Billionaires Pay Act” will tax 60% of the rise in the net worth of the ultra-wealthy from March 18 through the end of the year, and use the proceeds to fund all Americans’ out-of-pocket health-care expenses.
Zuckerberg, who created the social media giant from his dormitory room at Harvard University in 2004, said he plans to give away 99 percent of his Facebook shares over his lifetime.
Even overseas, tech giants are among this year’s biggest gainers. Tencent shares Ltd. CEO Pony Ma added $17 billion, bringing his fortune to over $55 billion, while Colin Huang ‘s income raised $13 billion to $32 billion from Pinduoduo Inc’s. India’s Mukesh Ambani has become $22 billion richer as its Reliance Industries Ltd. ‘s digital unit received investments from companies including Facebook and Silver Lake. He is reportedly worth $80.3bn.