Facebook CEO, Mark Zuckerberg on Thursday became a centi-billionaire. A centi-billionaire refers to someone that is worth a 100 billion dollars and above. Only two individuals are said to have been centi-billionaires before Zuckerberg and they are; Bill Gates, CEO of Microsoft and Jeff Bezos, CEO Amazon.
His fortune is said to have skyrocketed during the ongoing pandemic, as Facebook’s engagement in the lockdown has accumulated more than $5bn in profit, boosting share prices by 65% since March 23 to a high of $245 per share. This has added about $22bn to Zuckerberg’s wealth since late April. The launch of “reels”,an Instagram-made Tiktok which basically offers everything the regular Tiktok app offers has also contributed to this success.
While the Chinese made app is going through a battle in the United States of America, reels has come as a competitor. This is perfect timing for Instagram and Zuckerberg, with TikTok’s 100 million U.S users potentially up for grabs, users of Instagram are not letting this opportunity slip because Instagram is as important as Tiktok is and features of the said app in Instagram is a plus for Instagram and the users.
Trump has stated that Tiktok stays in the U.S only if it is sold to a U.S firm. However, parent company ByteDance is currently in talks to sell its US, Canada, Australian and New Zealand business to Microsoft.
“Reels invites you to create fun videos to share with your friends or anyone on Instagram. Record and edit 15-second multi-clip videos with audio, effects, and new creative tools,” the company said in a blog post about the new Instagram feature.
It is now clear that the “Boycott” that grew against Facebook had little or no effect on Zuckerberg and his company as this sudden, little progress can be said to be Mark’s way of still winning.