Mark Zuckerberg's wealth passes $100 billion on back of Instagram Reels launch

midian182

Posts: 5,984   +49
Staff member
What just happened? What do Jeff Bezos, Bill Gates, and now Mark Zuckerberg have in common? In addition to making their fortunes in the tech industry, they are the only people in the world to be worth over $100 billion. Zuckerberg joined the centibillionaire club after shares of Facebook, of which he owns a 13 percent stake, surged on news of Instagram’s new TikTok-style Reels feature.

According to Bloomberg’s Billionaires Index, Zuckerberg’s wealth now exceeds $100 billion, putting him behind Microsoft co-founder Bill Gates ($120 billion) and Amazon boss Jeff Bezos, who’s now worth an incredible $190 billion.

Zuckerberg attained centibillionaire status after Facebook’s shares jumped by more than 6 percent yesterday on the back of news that Instagram, which the social network owns, has launched its Reels feature. Much like TikTok, users can record and edit 15-second multi-clip videos with audio, effects, and new creative tools before sharing them.

Facebook’s shares will likely continue to rise after Donald Trump signed an executive order banning US transactions with TikTok. It comes into effect on September 20, which means that unless Microsoft does acquire its US operations, the app faces an uncertain future in the States.

Back in June, Zuckerberg found himself $7 billion poorer, but remained the fourth-richest person in the world, after a number of companies took part in a Facebook boycott over the platform’s inaction against hate speech. Across the entire year, however, the CEO has seen his wealth grow about $22 billion. That’s small change to Bezos, though, who’s become $75 billion richer in 2020 so far.

US senator and former presidential hopeful Bernie Sanders said he plans to introduce a tax on “obscene wealth gains” made by the super rich during the Covid-19 crisis. The “Make Billionaires Pay Act” would put a 60 percent tax on the increase in billionaires’ net worth from March 18 through to the end of the year.

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Uncle Al

Posts: 7,362   +5,767
It's nice to know the American dream is still alive and well but what is really needed is for these wealthy individuals to start meaningful philanthropist endeavors that help society. For instance, over 2,000,000 Americans still do not have dependable water supplies or proper sanitation. And some of these are inner-city folks that cannot afford the systems construction or the monthly fee's. As is known that a chain is only as strong as it's weakest link, the same can be said about any civilization is only as strong as it's weakest members. Repairing and maintaining critical infrastructure is essential to prosperity. Start with the basics like sanitation, clean water, basic health and medical services ... all at rates everyone can afford; then work your way up to things like food, housing, clothing and eventually on to things like high speed internet, phone service, etc. for every citizen.

Sadly, one of the problems is that politicians don't see getting their picture taken in front a new sewer plant or recycling center as "sexy". That is OUR obligation to make it desirable to see more and more of these things completed and credit given to those that fund it. Like Pavlova's dogs, politicians can be trained to perform as we want but it takes a major effort on our part and getting all Americans to participate in that is a major effort of Herculean proportions ....
 
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QuantumPhysics

Posts: 3,278   +3,076
It's nice to know the American dream is still alive and well but what is really needed is for these wealthy individuals to start meaningful philanthropist endeavors that help society. For instance, over 2,000,000 Americans still do not have dependable water supplies or proper sanitation. And some of these are inner-city folks that cannot afford the systems construction or the monthly fee's. As is known that a chain is only as strong as it's weakest link, the same can be said about any civilization is only as strong as it's weakest members. Repairing and maintaining critical infrastructure is essential to prosperity. Start with the basics like sanitation, clean water, basic health and medical services ... all at rates everyone can afford; then work your way up to things like food, housing, clothing and eventually on to things like high speed internet, phone service, etc. for every citizen.

Sadly, one of the problems is that politicians don't see getting their picture taken in front a new sewer plant or recycling center as "sexy". That is OUR obligation to make it desirable to see more and more of these things completed and credit given to those that fund it. Like Pavlova's dogs, politicians can be trained to perform as we want but it takes a major effort on our part and getting all Americans to participate in that is a major effort of Herculean proportions ....

If Zuckerberg, Bezos Apple, Buffet and Google were to use just a small percentage of their fortunes... they could rebuild America's entire infrastructure. Pipes...Wifi (so we could buy THEIR products), etc.

They will never do that.

We will continue to be in class warfare at each other's throats.
 

QuantumPhysics

Posts: 3,278   +3,076
It's nice to know the American dream is still alive and well but what is really needed is for these wealthy individuals to start meaningful philanthropist endeavors that help society. For instance, over 2,000,000 Americans still do not have dependable water supplies or proper sanitation. And some of these are inner-city folks that cannot afford the systems construction or the monthly fee's. As is known that a chain is only as strong as it's weakest link, the same can be said about any civilization is only as strong as it's weakest members. Repairing and maintaining critical infrastructure is essential to prosperity. Start with the basics like sanitation, clean water, basic health and medical services ... all at rates everyone can afford; then work your way up to things like food, housing, clothing and eventually on to things like high speed internet, phone service, etc. for every citizen.

Sadly, one of the problems is that politicians don't see getting their picture taken in front a new sewer plant or recycling center as "sexy". That is OUR obligation to make it desirable to see more and more of these things completed and credit given to those that fund it. Like Pavlova's dogs, politicians can be trained to perform as we want but it takes a major effort on our part and getting all Americans to participate in that is a major effort of Herculean proportions ....

Social Security, for example, is an INESCAPABLE TAX.

12.4% = 6.2 paid by employer and 6.2 paid by employee.

Unless we can get a similar INESCAPABLE TAX for universal healthcare in America, it won't happen.

The Democrats need to overtake the Senate, the House and not only eliminate the electoral college, but put this flat tax in hack.
 
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NicktheWVAHick

Posts: 182   +151
The comments posted here are absurd at worst, socialism at best. All of the FANG stocks are capitalism at work. The only reason these individuals are obscenely wealthy is because YOU the consumer use their product. You don’t change wealth through legislation, you simply STOP USING THEIR PRODUCT en masse. But that will never happen...God forbid your Instagram page were to disappear....how else would we know how beautiful you are. And don’t give me this corporate tax BS. Just like corporations have loopholes, you have food stamps, unemployment insurance and welfare. I dont like any of those handouts either but they’re here to stay (and getting larger by the minute) THAT’s why our I frastructure is crumbling and the deficit is in the trillions. If you dont like living in a country where there are rich, poor, and everyone inbetween then go live in North Korea. No problems with Facebook there. No start saving for that GTX 3080Ti due out next month. I’m sure you can afford it.
 

QuantumPhysics

Posts: 3,278   +3,076
The comments posted here are absurd at worst, socialism at best. All of the FANG stocks are capitalism at work. The only reason these individuals are obscenely wealthy is because YOU the consumer use their product. You don’t change wealth through legislation, you simply STOP USING THEIR PRODUCT en masse. But that will never happen...God forbid your Instagram page were to disappear....how else would we know how beautiful you are. And don’t give me this corporate tax BS. Just like corporations have loopholes, you have food stamps, unemployment insurance and welfare. I dont like any of those handouts either but they’re here to stay (and getting larger by the minute) THAT’s why our I frastructure is crumbling and the deficit is in the trillions. If you dont like living in a country where there are rich, poor, and everyone inbetween then go live in North Korea. No problems with Facebook there. No start saving for that GTX 3080Ti due out next month. I’m sure you can afford it.

WRONG: the reason they are obscenely wealthy is because they do not pay their fair share of taxes and they buy off politicians to convince us that they should be allowed to "create jobs" without paying their fair share of taxes.
 

3volv3d

Posts: 279   +115
$100billion = £76,082,300,000
Minimum wage I would say is about £17.5k a year here.
Meaning he has enough money to pay 4,347,560 people a years wages.
He could give 4 million people a years wage and have £6 billion and change left.
If you imagine, almost 9 million people half of which are scraping by, and half are dead cause he has that kinda money.

I don't actually care, I think morally someone somewhere isnt being taxed enough all the way up the chain for anyone to make that much money. But the govt would just spaff it on themselves cause they are all corrupt, which is why issues like this exist. Is it not ?
 

NicktheWVAHick

Posts: 182   +151
WRONG: the reason they are obscenely wealthy is because they do not pay their fair share of taxes and they buy off politicians to convince us that they should be allowed to "create jobs" without paying their fair share of taxes.
Yes, I’m sure that if we all stopped paying taxes we would all be billionaires. That’s how wealth is accrued.