Facebook rolled out its private mannequin of social media rival TikTok throughout the United States and larger than 50 completely different nations on Wednesday, embedding a model new short-form video service known as Reels as a operate inside its well-liked Instagram app.

The launch of Reels elevated Facebook shares by larger than 6% making Mark Zuckerberg who owns a 13% stake throughout the agency the model new member of the distinctive ‘Centibillionaire Club’ alongside Amazon founder Jeff Bezos and Microsoft’s Bill Gates.

Tech giants Facebook, Amazon, Apple, and Google have been among the many many best benefactors of coronavirus lockdowns and restrictions as additional people retailer, watch leisure, and socialise on-line.

According to the small print, Zuckerberg’s personal wealth elevated about $22b this yr, whereas Bezos’s has grown by larger than $75b.

Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google proprietor Alphabet’s Sundar Pichai, and Apple’s Tim Cook parried a ramification of accusations that they crippled smaller rivals of their quest for market share.

US senator Bernie Sanders this week unveiled the Make Billionaires Pay Act plan to tax what he known as “obscene wealth gains” made by billionaires all through the pandemic.

The act targets to tax 60% of the rise in a billionaire’s internet worth from the start of the pandemic by the use of to the highest of the yr.

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