Facebook CEO Mark Zuckerberg’s net worth has reportedly passed $100 billion for the first time after the social media giant’s stock price hit a record based on optimism about the release of its TikTok competitor, Reels. Only Jeff Bezos and Bill Gates also have fortunes worth more than $100 billion.
The AP reports that Facebook CEO Mark Zuckerberg’s net worth has passed $100 billion for the first time this week after Facebook hit a record on optimism about the release of its TikTok competitor Reels. Zuckerberg now joins other tech titans such as Jeff Bezos and Bill Gates and the only people alive to hold the title of “centi-billionaire,” according to the Bloomberg Billionaires Index.
The majority of Zuckerberg’s net worth is derived from his large stake in his social media giant Facebook. The founders of America’s largest tech companies have seen a huge increase in their net worth as the Wuhan coronavirus pandemic has forced many people online. Despite the U.S. economy contracting, tech firms have greatly benefited in recent months.
Zuckerberg has seen his net worth grow by approximately $22 billion this year, Amazon CEO Jeff Bezos has added $75 billion to his net worth. The five largest American tech firms, Apple, Amazon, Alphabet, Facebook, and Microsoft, currently have market valuations equivalent to about 30 percent of U.S. gross domestic product, almost double what they were at the end of 2018.
U.S. Senator and former Democratic Presidential Candidate Bernie Sander (I-VT) reportedly plans to introduce legislation to tax what he refers to as “obscene wealth gains” during the coronavirus pandemic. Sanders’ “Make Billionaires Pay Act” would tax 60 percent of the increase in the billionaire’s net worth from March 18 throughout the end of the year and use the revenue to cover healthcare expenses for Americans.
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