World

Mark Zuckerberg’s fortune surpasses $100 billion

Bloomberg August 7 | Updated on August 07, 2020 Published on August 07, 2020

His fortune is largely derived from his 13 per cent stake in Facebook

Mark Zuckerberg’s net worth passed $100 billion for the first time on Thursday after Facebook hit a record high on optimism about the release of its TikTok competitor, Reels.

The 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the only people in the world who currently have centi-billionaire status, according to the Bloomberg Billionaires Index. Zuckerberg’s fortune is largely derived from his 13 per cent stake in Facebook.

The founders of America’s largest technology companies have enjoyed a mind-boggling accumulation of wealth this year as the conronavirus pandemic drives more people online, despite the US economy contracting at its fastest pace on record. Zuckerberg has gained about $22 billion this year, while Bezos is up more than $75 billion.

The staggering numbers have put Big Tech under increased scrutiny, with Zuckerberg, Bezos, Apple Chief Executive Officer Tim Cook and Alphabet head Sundar Pichai testifying before Congress last month to defend allegations that their power and influence are out of control.

The five largest American tech companies – Apple, Amazon.com, Alphabet, Facebook, and Microsoft Corp – currently have market valuations equivalent to about 30 per cent of US gross domestic product, nearly double what they were at the end of 2018.

Obscene wealth gains

US Senator Bernie Sanders, meanwhile, plans to introduce legislation to tax what he called obscene wealth gains during the coronavirus crisis. The Make Billionaires Pay Act would tax 60 per cent of the increase in the ultra-wealthy’s net worth from March 18 through the end of the year and use the revenue to cover out-of-pocket health-care expenses of all Americans.

Zuckerberg, who founded the social media giant from his Harvard University dorm room in 2004, has said he plans to give away 99 per cent of his Facebook shares over his lifetime.

Even overseas, tech giants are among the top gainers this year. Tencent Holdings CEO Pony Ma has added $17 billion, taking his fortune to more than $55 billion, while the wealth of Pinduoduo’s Colin Huang has gained $13 billion to $32 billion. Mukesh Ambani has become $22 billion richer as the digital unit of his Reliance Industriesgot investments from firms, including Facebook and Silver Lake. He is now worth $80.3 billion.

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Published on August 07, 2020
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