Mark Zuckerberg's net worth surpassed $100 billion for the first time on August 7 after the shares of Facebook formed a new all-time high following the launch of Instagram Reels which is touted to replace TikTok that is reeling under the pressure of bans in major economies including the US and India.
The stock gained nearly 7 percent to a new lifetime high of $266.6. It closed at $265.26 on NASDAQ.
The Facebook honcho joins the coveted $100 billion club which also includes Amazon's Jeff Bezos and Bill Gates, according to the Bloomberg Billionaires Index.
A large portion of Zuckerberg's wealth derives from his stake in Facebook. The 36-year-old who founded Facebook in 2004 has said he plans to give away 99 percent of his stake in the company over his lifetime.
Instagram Reels will be available to users in more than 50 countries, including India, the US, UK, Japan, Australia, etc.
Reels is a new way to create and discover short, entertaining videos on Instagram. The feature is integrated within the Instagram app and will allow users to record, edit, and share a 15-second video, much like TikTok.
According to media reports, US President Donald Trump has signed executive orders banning popular Chinese apps like TikTok and WeChat, terming them a threat to the national security and to the country's economy.
India was the first country to ban TikTok and WeChat, citing national security concerns. India has banned as many as 106 Chinese apps, a move welcomed by both the Trump administration and the US lawmakers.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
