Launch of Threads boosts Mark Zuckerberg's fortune to $107B

Tech

Published: 2023-07-06 19:43

Last Updated: 2024-02-25 01:01


Launch of Threads boosts Mark Zuckerberg's fortune to $107B
Launch of Threads boosts Mark Zuckerberg's fortune to $107B

The wealth of American billionaire Mark Zuckerberg has increased by over $2.9 billion, reaching a total of $107 billion, according to economic reports.

This surge is attributed to the rise in shares of Meta, the company that owns Facebook, coinciding with the launch of the Threads platform. Threads is an official text-based publication platform that competes with Twitter, owned by another American billionaire, Elon Musk.

The introduction of the Threads application has played a significant role in boosting the net worth of Mark Zuckerberg, who is the president and founder of Meta, a company that owns various social media platforms, including Facebook. The increase amounts to approximately $61.5 billion annually, elevating Zuckerberg to the ninth position on the Bloomberg Billionaires Index, which ranks the world's wealthiest individuals.

Following the launch of Threads, Meta's shares witnessed a 2.92 percent increase, reaching $294.37 at the end of Wednesday's trading. The application has already attracted over ten million users within a short span of time and is available in more than 100 countries through Apple's App Store and Google Play Store.

CEO Mark Zuckerberg stated on Thursday that within a few hours of its release, Threads, the new competitor to Twitter developed by Meta, had already amassed more than 10 million users. Notably, Threads closely resembles the format of the Twitter application and is connected to Instagram, a photo and video platform owned by Meta.