Hate comments? Fake news? Advertising boycott? Despite all the scandals, Facebook boss Mark Zuckerberg has risen to the very elite club of super billionaires. Because his company is a money machine – and is already starting the next coup.
The USA is deeply involved in the Corona crisis, but it’s going brilliantly for Mark Zuckerberg. The Facebook boss reached a notable milestone this week. According to the Bloomberg Billionaires Index his net worth exceeded $ 100 billion for the first time. According to the renowned news and business information service, only two people in the world are richer: Amazon CEO Jeff Bezos and Microsoft founder Bill Gates.
With 36 years is Zuckerberg by far the youngest in the $ 100 billion trio – Bezos is 56, Gates 64. Zuckerberg’s fortune consists essentially of his stake in Facebook. He still holds 13 percent of the social network that he founded as a student around 16 years ago. And these are more valuable than ever.
Facebook at an all-time high – despite all the scandals
Because although the corona pandemic in the USA has already caused 160,000 deaths, has made millions of people unemployed and puts many companies in trouble, it works for Facebook well. The Californian tech company climbed to a new all-time high on the stock exchange on Friday. The value of the Facebook share has doubled since the corona-related slump in March, and the price rose by 16 percent in the past week alone.
This may surprise anyone who thinks of Facebook only about data scandals, election manipulation and the controversial role in the spread of fake news. It feels like Zuckerberg is actually constantly on the defensive in the public debate and has to defend his practices in the US Congress and elsewhere. And haven’t a number of large corporations just imposed an advertising boycott because Facebook is not taking sufficient action against hate messages and propaganda?
Instagram startet Tiktok-Klon Reels
That may all be true. But despite all the public headwinds, Facebook is not only a global, but also a highly profitable company. For the second quarter of this year alone, Zuckerberg’s company reported a profit of 5.2 billion US-Dollar (4.4 billion euros) – exactly the same amount that Amazon imported. The number of Facebook users worldwide is now 2.7 billion.
And now analysts are also hoping for the breakthrough of Facebook’s Tiktok competitor Reels. A few days ago, Facebook subsidiary Instagram started the function copied from Tiktok, which caused the latest stock market boom. Because the popular original is threatening in the meantime USA the end. US President Donald Trump has announced that the Chinese video app will be banned if it is not sold to a US company within 45 days.