Aug 7, 2020
Facebook founder sees wealth hit $100bn after TikTok rival launch
Facebook founder Mark Zuckerberg has seen his personal wealth rise to $100bn 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. The short-form video feature Reels, which is seen as a rival to the controversial Chinese-owned TikTok platform, works within the Facebook-owned Instagram photo-sharing app. The launch couldn't have come at a better time for Mr Zuckerberg as late on Thursday Donald Trump issued an executive order to deal with what the US president called the "Threat" of TikTok in the US. So-called tech titans, including Mr Zuckerberg, have come under increased scrutiny from US and European lawmakers over allegations that their power and influence are out of control. Mr Zuckerberg has previously said he plans to give away 99% of his Facebook shares over his lifetime through the charitable foundation he set up with his wife Priscilla Chan.
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