Mark Zuckerberg becomes a centibillionaire

News has emerged today that Mark Zuckerberg has joined the centibillionaire club alongside Jeff Bezos and Bill Gates after his fortune surpassed $100 billion.

The price of Facebook shares surged after the social media website announced that it would be launching a new platform to rival the video-sharing app TikTok.

This video details how Zukerberg made his fortune: 

[[youtubewidget||https://www.youtube.com/watch?v=uN1HEZlnOr4]]

The news was broken after Facebook revealed that it would be rolling out Instagram Reels by the Bloomberg Billionaires Index, the daily ranking of the world's richest people.

Reels is a tool that enables users to create videos to share with friends and those on Instagram, giving them the ability to edit 15-second multi-clip videos with audio, effects, and new creative tools.

Users can share their creations on their newsfeeds or with the wider community in a new space in Explore.

This comes after Donald Trump signed an Executive Order in a bid to have TikTok banned from the US.

The president's ruling states that America "must take aggressive action against the owners of TikTok to protect our national security".

According to the Executive Order, people will have 45 days to purchase the rights to the app from ByteDance, the Chinese-owned parent company, before transactions with the company are banned on September 20.

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."

The app has denied that users' data can be passed back to China or used for any nefarious purposes.

In a statement to The Verge last month, a TikTok spokesperson said: "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."