Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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) saw double-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.
Zuckerberg as Centibillionaire: Facebook Value Addition
Facebook Inc was founded in 2004 by Mark Zuckerberg along with four of his Harvard College friends and roommates. Their invention which was initially targeted at Harvard College students has grown to be a global medium to connect.
With Facebook, users can post text, photos, and multimedia which can be shared with other users on their friend’s list. The platform has grown over the years with more flexible accommodations, an innovation that has attracted businesses to the platform.
With Facebook’s offering, businesses can create a page where they reach out to potential customers or clients. Businesses use FB platform for advertisement and this serves as the major avenue through which the company turns in revenue.
With the Facebook platform, many people were able to stay connected during the coronavirus induced lockdowns. This period spanning H1 2020 saw Facebook’s Monthly Active Users (MAUs) rose up to about 2.6 billion. Its workplace enterprise software also saw increased users hitting 5 million against 3 million back in October 2019.
Beyond the revenue expectations, Facebook’s success story lies in the firm being able to help people stay connected in one of the world’s most trying times, and the attainment of Mark Zuckerberg as a centibillionaire lies on the backdrop that his invention was able to add value to people.
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.