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2020-08-07 17:35:17

Facebook CEO Mark Zuckerberg is world’s newest centibillionaire after reaching $100 billion net worth

Facebook co-founder and CEO Mark Zuckerberg is now a centibillionaire. His wealth rise comes from his 13% stake in Facebook which saw boom thanks to increased demand in online services during the coronavirus pandemic.

The founder and CEO of Facebook Inc (NASDAQ: FB) Mark Zuckerberg has become a centibillionaire. Zuckerberg’s networth crossed the $100 billion mark following gains from increased demand in online services stirred by the coronavirus pandemic. The young CEO has gained about $22 billion this year and further prompted on optimism of Reels, a TikTok competitor.

Mark Zuckerberg becoming a Centibillionaire is no small feat, a status he now shares with Jeff Bezos and Bill Gates. Observing closely, the common trend with the world’s Centibillionaires is their involvement in tech. While the economy has gone digital in the past decades, the COVID-19 brought increased reliance on tech innovations.

Just like the companies that make up U.S. big 4 tech firms, the COVID-19 season brought in enough gains. While Facebook (FB) reported an 11% rise in revenue growth for Q2 2020, Apple Inc (NASDAQ: AAPL) sawdouble-digit growth in revenue capped at $59.69 billion. Amazon.com Inc (NASDAQ: AMZN) recorded the biggest gain with revenue spiking by over 100%. Although the last firm, Google LLC (NASDAQ: GOOGL), did not record as much growth, its relevance was resounded in the same quarter.

The centibillionaire’s club is one of the world’s most exclusive clubs, as only two other people have bigger fortunes.
Those men are Amazon’s Jeff Bezos and Microsoft’s Bill Gates.

Proposed Future Growth Trajectory

The digital transformation of the economy and the work process is still in its infancy. When compared to where tech innovators project the world to be in the next decades, there is every reason to believe Mark and his co-centibillionaires have much more networth to amass. However, the number of obstacles they all have to pass through is a major factor to consider.

The firms these centibillionaires represent are already tagged by the U.S. congress as a monopoly following last month’s antitrust hearing. With this tag, the firms have the government’s radar on them and may be forced to shed some of their current structure stirring this digital dominance. If this happens, the centibillionaire status may be a tag that will not last forever.

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