Recently, the most popular social media platform Facebook launched its own version of TikTok in the United States and more than 50 other countries. The new service is called Instagram Reels, and it’s the short-form video addition within the Instagram app. The launch of Reels boosted Facebook shares by more than 6% thus making Facebook’s CEO Mark Zuckerberg the new member of the exclusive ‘Centibillionaire Club’ alongside Amazon’s founder Jeff Bezos and Microsoft’s Bill Gates.
Mark Zuckerburg Joins ‘Centibillionaire Club’ After Rolling Out Reels
The US tech platforms Facebook, Amazon, Apple, and Google, have been among the largest benefactors of COVID-19 lockdowns and restrictions as more people shop, watch entertainment, and socialize via these online platforms.
According to Bloomberg, Mark Zuckerberg’s wealth increased about $22b in 2020, while Jeff Bezos’s has grown by more than $75b. The launch of Instagram Reels couldn’t have arrived at a better time for Facebook as US President issued an executive order to deal with ByteDance’s TikTok.
Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google owner Alphabet’s Sundar Pichai, and Apple’s Tim Cook whose businesses have a combined market value of nearly $5 trillion parried a range of accusations that they crippled smaller competitors in their quest for high market share.
However, on the other side, US senator Bernie Sanders revealed the “Make Billionaires Pay Act plan to tax what he called “obscene wealth gains” made by billionaires amidst coronavirus pandemic. The act intends to tax 60 percent of the increase in a billionaire’s net worth from the start of the COVID-19 pandemic through to the end of the year.