Facebook Chairman and CEO, Mark Zuckerberg is now the third richest man in the world as his net worth crossed the $100 billion mark on Thursday, August 6 – he joins the exclusive club of centibillionaires.
A centibillionaire is a person worth at least $100 billion. Only Amazon founder, Jeff Bezos and Microsoft’s Bill Gates are in this league.
Zuckerberg, 36, reached the milestone after Facebook’s shares surged. The company’s stock rose 6.5% on Thursday, a day after the company launched its new feature, Reels, on Instagram. The feature works exactly like TikTok.
Reels was launched following the US President Donald Trump’s threat to ban TikTok, the popular Chinese-owned app, in the US.
Going through with his threat, on Thursday, Trump issued an executive order that would block TikTok from operating in the US if its Chinese owner, ByteDance, does not sell the business to a US firm within 45 days.
ByteDance is said to be in talks with Microsoft about a potential sale as it criticised Facebook for copying TikTok.
In a blog post last week, ByteDance CEO Kevin Mayer referred to Reels as “another copycat product.”
“To those who wish to launch competitive products, we say bring it on,” he wrote.
In 2004, Zuckerberg co-founded Facebook from his Harvard dorm room and his biggest asset is still his 13% stake in the company, according to the Bloomberg Billionaires index, which tracks the world’s wealthiest people.
Last week, Facebook said it reached a new record of 3 billion users across its platforms, including WhatsApp and Instagram.
The company attributed its recent rise in numbers to the coronavirus pandemic, which forced people to stay at home, thereby spending more time on social media.
So far this year, Facebook shares are up by almost 30%, making Zuckerberg $22 billion richer.