Mark Zuckerberg’s fortune surpasses $100 billion

Mark Zuckerberg’s web value handed $100 billion for the primary time Thursday after Facebook Inc. hit a file excessive on optimism in regards to the launch of its TikTok competitor Reels.

The 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the one individuals on this planet who at the moment have centibillionaire standing, in accordance with the Bloomberg Billionaires Index. Zuckerberg’s fortune is essentially derived from his 13% stake in Facebook.

The founders of America’s largest expertise firms have loved a mind-boggling accumulation of wealth this 12 months because the conronavirus pandemic drives extra individuals on-line, regardless of the US economic system contracting at its quickest tempo on file. Zuckerberg has gained about $22 billion this 12 months, whereas Bezos is up greater than $75 billion.

The staggering numbers have put Big Tech below elevated scrutiny, with Zuckerberg, Bezos, Apple Inc. Chief Executive Officer Tim Cook and Alphabet Inc. head Sundar Pichai testifying earlier than Congress final month to defend allegations that their energy and affect are uncontrolled.

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The 5 largest American tech firms — Apple, Amazon.com Inc., Alphabet, Facebook, and Microsoft Corp. — at the moment have market valuations equal to about 30% of US gross home product, practically double what they have been on the finish of 2018.

US Senator Bernie Sanders, in the meantime, plans to introduce laws to tax what he known as “obscene wealth gains” in the course of the coronavirus disaster. The “Make Billionaires Pay Act” would tax 60% of the rise within the ultra-wealthy’s web value from March 18 by way of the top of the 12 months and use the income to cowl out-of-pocket health-care bills of all Americans.

Zuckerberg, who based the social media large from his Harvard University dorm room in 2004, has stated he plans to provide away 99% of his Facebook shares over his lifetime.

Even abroad, tech giants are among the many prime gainers this 12 months. Tencent Holdings Ltd. CEO Pony Ma has added $17 billion, taking his fortune to greater than $55 billion, whereas the wealth of Pinduoduo Inc.’s Colin Huang has gained $13 billion to $32 billion. India’s Mukesh Ambani has develop into $22 billion richer because the digital unit of his Reliance Industries Ltd. received investments from companies together with Facebook and Silver Lake. He’s now value $80.three billion.