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    Mark Zuckerberg becomes a centibillionaire as anticipation grows over TikTok rivalry

    ET Online|
    Being a centibillionaire
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    Being a centibillionaire

    Mark Zuckerberg’s net worth passed $100 billion for the first time Thursday after Facebook Inc. hit a record high on optimism about the release of its TikTok competitor Reels, reports Bloomberg. The 36-year-old joins fellow tech titans Jeff Bezos and Bill Gates as the only people in the world who currently have centibillionaire status, according to the Bloomberg Billionaires Index. Zuckerberg’s fortune is largely derived from his 13% stake in Facebook.

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    Mind-boggling wealth
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    Mind-boggling wealth

    The founders of America’s largest technology companies have enjoyed a mind-boggling accumulation of wealth this year as the coronavirus pandemic drives more people online, despite the U.S. economy contracting at its fastest pace on record. Zuckerberg has gained about $22 billion this year, while Bezos is up more than $75 billion.

    AFP
    Big tech
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    Big tech

    The staggering numbers have put Big Tech under increased scrutiny, with Zuckerberg, Bezos, Apple Inc. Chief Executive Officer Tim Cook and Alphabet Inc. head Sundar Pichai testifying before Congress last month to defend allegations that their power and influence are out of control.

    AFP
    Sphere of influence
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    Sphere of influence

    The five largest American tech companies -- Apple, Amazon.com Inc., Alphabet, Facebook, and Microsoft Corp. -- currently have market valuations equivalent to about 30% of U.S. gross domestic product, nearly double what they were at the end of 2018.

    Agencies
    Philanthropic largesse
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    Philanthropic largesse

    Zuckerberg, who founded the social media giant from his Harvard University dorm room in 2004, has said he plans to give away 99% of his Facebook shares over his lifetime.

    Agencies
    Global phenomenon
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    Global phenomenon

    Even overseas, tech giants are among the top gainers this year. Tencent Holdings Ltd. CEO Pony Ma has added $17 billion, taking his fortune to more than $55 billion, while the wealth of Pinduoduo Inc.’s Colin Huang has gained $13 billion to $32 billion. India’s Mukesh Ambani has become $22 billion richer as the digital unit of his Reliance Industries Ltd. got investments from firms including Facebook and Silver Lake. He’s now worth $80.3 billion.

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    The Economic Times
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