Mark Zuckerberg joins $100 billion club after Facebook stock hits record high

Mark Zuckerberg joins $100 billion club after Facebook stock hits record high

Mark Zuckerberg's net worth surpassed $100 billion for the first time on August 7 after the shares of Facebook formed a new all-time high following the launch of Instagram Reels which is touted to replace TikTok that is reeling under the pressure of bans in major economies including the US and India.

The stock gained nearly 7 percent to a new lifetime high of $266.6. It closed at $265.26 on NASDAQ.

The Facebook honcho joins the coveted $100 billion club which also includes Amazon's Jeff Bezos and Bill Gates, according to the Bloomberg Billionaires Index.

A large portion of Zuckerberg's wealth derives from his stake in Facebook. The 36-year-old who founded Facebook in 2004 has said he plans to give away 99 percent of his stake in the company over his lifetime.

Instagram Reels will be available to users in more than 50 countries, including India, the US, UK, Japan, Australia, etc.

Reels is a new way to create and discover short, entertaining videos on Instagram. The feature is integrated within the Instagram app and will allow users to record, edit, and share a 15-second video, much like TikTok.