Facebook Boss Mark Zuckerberg Joins Centibillionaire Club
Mark Zuckerberg has secured his place in the centibillionaire club alongside Jeff Bezos and Bill Gates.
This came after the 36-year-old's fortune passed $100 billion (£76bn) for the first time.
Facebook's shares surged after it was announced the company would be launching a rival to video-sharing platform TikTok.
The Bloomberg Billionaires Index, the daily ranking of the world's richest people, announced the news shortly after Facebook announced the rollout of Instagram Reels.
Reels invites you to create fun videos to share with your friends or anyone on Instagram. You can record and edit 15-second multi-clip videos with audio, effects and new creative tools.
Reels can be shared with your followers on Feed, and, if you have a public account, make them available to the wider Instagram community through a new space in Explore.
The announcement about the rollout of Instagram Reels came as US president Donald Trump signed an Executive Order in his fight to ban social media app TikTok from America.
Trump's ruling says America 'must take aggressive action against the owners of TikTok to protect our national security'.
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The Executive Order gives anyone the next 45 days to successfully purchase the rights to the app from China-owned parent company ByteDance. All US transactions with ByteDance will be prohibited from 20 September.
It states that 'additional steps must be taken to deal with the national emergency with respect to the information and communications technology and services supply chain'.
It continues: "The spread in the United States of mobile applications developed and owned by companies in the People's Republic of China (China) continues to threaten the national security, foreign policy, and economy of the United States.
"[The app] automatically captures vast swaths of information from its users, including Internet and other network activity information such as location data and browsing and search histories.
"This data collection threatens to allow the Chinese Communist Party access to Americans' personal and proprietary information - potentially allowing China to track the locations of Federal employees."
TikTok has denied any allegations that users' data could fed back to China or used for anything nefarious.
A TikTok spokesperson said in a statement to The Verge last month: "We have no higher priority than promoting a safe and secure app experience for our users.
"We have never provided user data to the Chinese government, nor would we do so if asked."
Featured Image Credit: PA