How Mark Zuckerberg joins $100 billion club of Bill Gates and Jeff Bezos?
After the ban of TikTok in India, US President Donald Trump has also threatened to ban the Chinese App, unless a US tech company acquires the controversial app's US operations. Amid this, Facebook-owned Instagram announced the US rollout of Instagram Reels. A day after its rollout, the shares of Facebook rose by more than 6%. With this surge, Mark Zuckerberg joins the 'Centibillionare Club' with Jeff Bezos and Bill Gates. Zuckerberg holds a 13% stake in Facebook.
For the first time, Zuckerberg's net worth crossed $100 bn. Currently, only three people across the globe are a part of the centibillionare club. Zuckerberg's personal wealth rose about $22bn this year, as per Bloomberg.
The coronavirus pandemic and subsequent lockdown and other restrictions have forced the people to shop and socialise online. People are spending more on social media to cure their boredom. This, in turn, has benefitted companies like Facebook, Amazon, Google, Apple, etc. despite the contraction in the US economy.
What is the Wealth Tax in the US?
US Senator Bernie Sanders is planning to introduce legislation to tax which he calls 'obscene wealth gains' during the unprecedented pandemic. The “Make Billionaires Pay Act” would tax 60% of the increased net worth of the billionaires from March 18 through the end of this year. He further proposes that the revenue collected should be used to cover out-of-pocket health-care expenses of all Americans.
About Mark Zuckerberg
Mark Elliot Zuckerberg was born on May 14, 1984, and is an American entrepreneur, philanthropist and media magnate. He is famously known for co-founding Facebook, Inc. from his Harvard University dorm room in 2004 and currently serves as its Chairman, CEO and controlling stakeholder. He is also a co-founder of the solar sail spacecraft development project 'Breakthrough Starshot' and currently serves as one of its board members.