The social media giant’s shares rose on Thursday after the launch of its new TikTok rival Instagram Reels.
Facebook founder Mark Zuckerberg has seen his personal wealth rise to $100bn (£76bn) after the launch of a new short-form video feature. On Wednesday, Facebook announced the US rollout of Instagram Reels, its rival to controversial Chinese app TikTok. Facebook shares rose by more than 6% on Thursday. Mr Zuckerberg holds a 13% stake in the company. He joins Amazon founder Jeff Bezos and Microsoft’s Bill Gates in the exclusive so-called ‘Centibillionaire Club’. Technology bosses have been in the spotlight recently as the size and power of their companies and their personal fortunes continue to grow. Facebook, Amazon, Apple and Google have been among the biggest benefactors of coronavirus lockdowns and restrictions as more people shop, watch entertainment and socialise online.
