Following Facebook’s announcement last Wednesday of the roll out of Instagram Reels in the US, to rival Chinese app TikTok which is at the centre of a legal and political storm in the US, Mark Zuckerberg’s wealth rose to $100 billion (€85 billion).
The Facebook founder’s fortune places him among the world’s few so-called Centibillionaire Club, joining the likes of Amazon founder Jeff Bezos and Microsoft’s Bill Gates.
Facebook shares rose by more than 6 per cent yesterday. Zuckerberg owns a 13 stake in the company. This year alone, his fortune increased by about $22 billion, while Jeff Bezos's grew by more than $75 billion, according to Bloomberg.
The launch of Instagram’s new feature comes as US president Donald Trump issued bans on American companies, stopping them from carrying out transactions with TikTok’s parent company ByteDance, and Tecent, which owns message service, WeChat.