Mark Zuckerberg becomes $1.7bn richer after this mega announcement

Shares in Facebook jumped 2.3 per cent to $202.06 yesterday after Facebook-owned Instagram announced its latest feature— IGTV— to feature videos from internet celebrities, artists and pets, some of whom have tens of millions of social media followers.

Following this development, the social media boss Mark Zuckerberg saw his fortune increase by $1.7bn.

“Teens are now watching 40 percent less TV than they did five years ago,” Instagram Chief Executive Kevin Systrom said at an event to announce the launch in San Francisco adding: “It’s time for video to move forward and evolve.”

IGTV will be available as part of Instagram’s app and as a separate app, he added.