Business News 

Mark Zuckerberg’s fortune rises to $100bn after announcement of Instagram reels shoots stocks up

7th August 2020

The Facebook founder announced the rollout of Instagram Reels across the US to rival TikTok, which is embroiled in controversy

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.


10th August 2020

In a statement, the MDB said that the roll out of the COVID Guarantee Scheme has been successful

7th August 2020

The transport and Gozo ministers discussed a network of ferry services for Gozo with parts of Malta ...

7th August 2020

Prime Minister Robert Abela and Health Minister Chris Fearne announced the new measures today in a p...

6th August 2020

The figure represented an increase of 9.1 per cent when compared with 2017

Mark Zuckerberg’s fortune rises to $100bn after announcement of Instagram reels shoots stocks up