Facebook founder sees wealth hit $100bn after TikTok rival launch

The social media giant's shares rose on Thursday after the launch of its new TikTok rival Instagram Reels.

Facebook founder Mark Zuckerberg has seen his personal wealth rise to $100bn (£76bn) after the launch of a new short-form video feature.

On Wednesday, Facebook announced the US rollout of Instagram Reels, its rival to controversial Chinese app TikTok.

Facebook shares rose 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 so-called 'Centibillionaire Club'.

Technology bosses have been in the spotlight recently as the size and power of their companies and their personal fortunes continue to grow. 

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.

Mr Zuckerberg’s personal wealth has gained about $22bn this year, while Mr Bezos's has grown by more than $75bn, according to Bloomberg.

TikTok executive order

 

The short-form video feature Reels, which is seen as a rival to the controversial Chinese-owned TikTok platform, works within the Facebook-owned Instagram photo-sharing app.

The launch couldn’t have come at a better time for Mr Zuckerberg as late on Thursday Donald Trump issued an executive order to deal with what the US president called the "threat" of TikTok in the US.

So-called tech titans, including Mr Zuckerberg, have come under increased scrutiny from US and European lawmakers over allegations that their power and influence are out of control.

The five largest US tech companies, Apple, Amazon, Alphabet, Facebook, and Microsoft, currently have market valuations equivalent to about 30% of US gross domestic product (GDP).

Wealth tax

US senator and former presidential hopeful Bernie Sanders this week unveiled a plan to tax what he called “obscene wealth gains” made by billionaires during the coronavirus pandemic.

The “Make Billionaires Pay Act” would tax 60% of the increase in a billionaire's net worth from from the start of the pandemic through to the end of the year.

Mr Sanders proposes that the tax revenue earned would go towards out-of-pocket health-care expenses for Americans.

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. BBC

 
 

Other News

.
Mekong Delta expands environmentally-friendly shrimp-rice farms
Mekong Delta expands environmentally-friendly shrimp-rice farms
SCI-TECH & ENVIRONMENTicon  14/12/2021 

The Cuu Long (Mekong) Delta is expanding its shrimp – rice farming areas as the cultivation model is efficient and sustainable, adapts to climate change, and is environmentally friendly.

Google Doodle celebrates Vietnam's "pho"
Google Doodle celebrates Vietnam's "pho"
SCI-TECH & ENVIRONMENTicon  13/12/2021 

The digital world honors one of the most outstanding Vietnamese dishes - "Pho" or hot noodle soup with beef.

Winners of Make in Vietnam Digital Technology Product 2021 Awards announced
Winners of Make in Vietnam Digital Technology Product 2021 Awards announced
SCI-TECH & ENVIRONMENTicon  13/12/2021 

Four products received the gold prizes of Make in Vietnam Digital Product Awards 2021 at a ceremony held on December 11.

Digital transformation to be the focus of socio-economic development
Digital transformation to be the focus of socio-economic development
SCI-TECH & ENVIRONMENTicon  12/12/2021 

Digital transformation will be the focus to effectively control the pandemic and restore socio-economic development over the next two years, Prime Minister Pham Minh Chinh has confirmed.

Strong commitment needed for sustainable development of planet: Minister
Strong commitment needed for sustainable development of planet: Minister
SCI-TECH & ENVIRONMENTicon  12/12/2021 

Vietnam’s commitment at COP26 was appreciated by leaders of countries and big corporations around the world.

Stricter measures needed to protect wild animals in Vietnam
Stricter measures needed to protect wild animals in Vietnam
SCI-TECH & ENVIRONMENTicon  12/12/2021 

Illegal trafficking of wild animals remains a problem in Vietnam despite the efforts of the Government and wildlife preservation organisations. 

EURO 2021 schedule, materials for online learning top internet searches in Vietnam in 2021
EURO 2021 schedule, materials for online learning top internet searches in Vietnam in 2021
SCI-TECH & ENVIRONMENTicon  11/12/2021 

Google has announced the Top 10 trending searches in Vietnam 2021 which show the great impact of the Covid-19 pandemic.

3rd Vietnamese wins Noam Chomsky Award
3rd Vietnamese wins Noam Chomsky Award
SCI-TECH & ENVIRONMENTicon  11/12/2021 

Tran Le Huu Nghia - a Vietnamese origin doctor - is the third Vietnamese to receive the A. Noam Chomsky Global Connection Award.

Vietnam transfers 5 million tons of CO2 to get US$52 million for forest protection
Vietnam transfers 5 million tons of CO2 to get US$52 million for forest protection
SCI-TECH & ENVIRONMENTicon  11/12/2021 

The Ministry of Agriculture and Rural Development has signed an agreement with EMERGENT on the transfer of emission reductions.

Vietnam encounters challenges launching Mobile Money service nationwide
Vietnam encounters challenges launching Mobile Money service nationwide
SCI-TECH & ENVIRONMENTicon  11/12/2021 

The introduction of the Mobile Money service in Vietnam raises a question of its possible attractiveness, as people can easily use the Internet for their financial activities.

Vietnam’s tech businesses prosper amid pandemic
Vietnam’s tech businesses prosper amid pandemic
SCI-TECH & ENVIRONMENTicon  10/12/2021 

Since the Covid-19 pandemic began, technology businesses have shown their potential by maintaining an impressive growth momentum.

Huge potential for digital economic development in Vietnam: report
Huge potential for digital economic development in Vietnam: report
SCI-TECH & ENVIRONMENTicon  10/12/2021 

Bain & Company, in association with Tech for Good Institute – TFGI, has released a report on the platform economy in Southeast Asia, focusing on the Vietnamese market.

Digital transformation to be main driver for Vietnam’s economic recovery, development
Digital transformation to be main driver for Vietnam’s economic recovery, development
SCI-TECH & ENVIRONMENTicon  09/12/2021 

The National Forum for Development of Digital Technology Businesses 2021 will discuss solutions that will enable digital transformation to be the driving force for economic recovery and development.

Digital transformation: one touch buys a bus ticket
Digital transformation: one touch buys a bus ticket
FEATUREicon  09/12/2021 

Digitizing public transport has led to practical benefits for consumers.

Former well-known hacker to publish autobiography
Former well-known hacker to publish autobiography
SCI-TECH & ENVIRONMENTicon  09/12/2021 

Ngo Minh Hieu, or Hieupc, who once operated a massive international hacking and identity theft scheme, has revealed that he will publish a book about his life, especially the time in jail in the US.

CNN broadcast highlights sneakers made from coffee grounds
CNN broadcast highlights sneakers made from coffee grounds
SCI-TECH & ENVIRONMENTicon  08/12/2021 

Vietnamese sneakers made from discarded coffee grounds and plastic bottles have been introduced by CNN in their “Innovate” programme.

Vietnam accounts for nearly half of brute-force attacks versus RDP
Vietnam accounts for nearly half of brute-force attacks versus RDP
SCI-TECH & ENVIRONMENTicon  08/12/2021 

Kaspersky detected more than 47 million remote desktop protocol (RDP) threats in Vietnam in the first half of 2021, accounting for nearly half of all cases in Southeast Asia.

Over 1,000 organizations in Vietnam capable of supporting startups
Over 1,000 organizations in Vietnam capable of supporting startups
SCI-TECH & ENVIRONMENTicon  08/12/2021 

Vietnam currently has over 1,000 organizations capable of supporting startups, including technology startups, with 202 coworking zones, 79 business incubators and 38 business promotion organizations.

Malware threatens businesses in digital age
Malware threatens businesses in digital age
FEATUREicon  13/12/2021 

The digital economy has more opportunity for cyberattacks, especially from ransomware. The more businesses and users use technology online, the more opportunities hackers have to expand their attacks.

Vietnam's rise in digital transformation
Vietnam's rise in digital transformation
FEATUREicon  12/12/2021 

Digital transformation in the economy is expected to contribute significantly to the policy of improving efficiency in Vietnam.

 
 
 
Leave your comment on an article

OR QUICK LOGIN