Mark Zuckerberg Joins $100-Billion Club

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Mark Zuckerberg, who founded Facebook, the social media monster before 16 years, Mark Zuckerberg plans to give away 99% of his Facebook shares over his lifetime.

His net worth passed a hundred billion USD for the first time Thursday after Facebook Inc. hit a record high on confidence about the release of its Reels. Mark Zuckerberg‘s wealth is largely derived from his 13% stake in Facebook.

Founders of the largest technology companies have enjoyed a mind-boggling growth of wealth this year as the COVID-19 pandemic drives more people online, despite the US economy constricting at its fastest speed on record. Zuckerberg has gained about twenty-two billion USD in 2020, while Bezos is up more than seventy-five billion USD. The stunning numbers have put Big Tech under enlarged scrutiny, with Mark Zuckerberg, Bezos, Apple Inc.

Apple, Amazon.com Inc., Alphabet, Facebook, and Microsoft Corp. — currently have market valuations corresponding to about thirty percent of U.S. gross domestic product, nearly double what they were at the end of 2018.

U.S. Senator Bernie Sanders, in the interim, plans to bring in legislation to tax what he called “obscene wealth gains” during the COVID-19 crisis. The “Make Billionaires Pay Act” would tax sixty percent of the raise in the ultra-wealthy net worth from 18th March 2020 through the end of the year and use the profits to cover out-of-pocket health-care everyday expenditure and expenses of all their citizens.

Even overseas, tech giants are among the top gainers in 2020. China-based Tencent Holdings Ltd. Chief Executive Officer Pony Ma has an additional seventeen billion USD, taking his possibility to more than fifty-five billion, while the assets of Pinduoduo Inc.’s Colin Huang has raised thirteen billion USD to thirty-two billion. India’s Mukesh Ambani has turned out to be twenty-two billion richer as the digital unit of his Reliance Industries Ltd. got funds from firms including Facebook, Google, and Silver Lake. He’s now worth 80.3 billion USD.

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