Mark Zuckerberg’s net worth just soared $28 billion in one day after Meta’s shares went on a tear – Fortune
Meta Platforms Inc. is back, and so is Mark Zuckerberg’s fortune.
The Facebook co-founder’s net worth surged by $28.1 billion after Meta’s quarterly results far exceeded Wall Street’s expectations, sending its shares up about 20%. He is now worth $170.5 billion, the richest he’s ever been, and surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.
It’s a big comeback for Zuckerberg’s wealth, which fell below $35 billion in late 2022 as tech stocks collapsed in the face of inflation and interest rate hikes, only to come soaring back in 2023.
The upbeat results will benefit Zuckerberg in other ways, too: He stands to receive a payout of about $700 million a year from the social media giant’s first-ever dividend for investors.
Read more: Mark Zuckerberg’s combat sports prompt Meta to warn investors of ‘adverse impact’ if he were to ‘become unavailable for any reason’
Meta announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning in March. With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to data compiled by Bloomberg.
Meta’s move to pay a dividend sends a signal about the company’s view of its growth potential. Often, faster-growing tech companies eschew dividends in favor of using earnings to develop new products or make expensive acquisitions. While Meta is spending big on artificial intelligence initiatives, its acquisition prospects are dwindling in the face of regulatory opposition.
After Meta fired about 21,000 people and narrowed its priorities, the stock almost tripled in 2023. The new dividend and an additional $50 billion in share buybacks may win more patience from investors with Zuckerberg’s long-term bets on artificial intelligence and the metaverse.
Zuckerberg took home $27.1 million in total compensation in 2022, including private security costs and a base salary of $1, according to filings. Meta hasn’t yet reported executive compensation for last year.
A spokesperson for the company declined to comment.
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The Facebook co-founder’s net worth surged by $28.1 billion after Meta’s quarterly results far exceeded Wall Street’s expectations, sending its shares up about 20%. He is now worth $170.5 billion, the richest he’s ever been, and surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.
It’s a big comeback for Zuckerberg’s wealth, which fell below $35 billion in late 2022 as tech stocks collapsed in the face of inflation and interest rate hikes, only to come soaring back in 2023.
The upbeat results will benefit Zuckerberg in other ways, too: He stands to receive a payout of about $700 million a year from the social media giant’s first-ever dividend for investors.
Read more: Mark Zuckerberg’s combat sports prompt Meta to warn investors of ‘adverse impact’ if he were to ‘become unavailable for any reason’
Meta announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning in March. With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to data compiled by Bloomberg.
Meta’s move to pay a dividend sends a signal about the company’s view of its growth potential. Often, faster-growing tech companies eschew dividends in favor of using earnings to develop new products or make expensive acquisitions. While Meta is spending big on artificial intelligence initiatives, its acquisition prospects are dwindling in the face of regulatory opposition.
After Meta fired about 21,000 people and narrowed its priorities, the stock almost tripled in 2023. The new dividend and an additional $50 billion in share buybacks may win more patience from investors with Zuckerberg’s long-term bets on artificial intelligence and the metaverse.
Zuckerberg took home $27.1 million in total compensation in 2022, including private security costs and a base salary of $1, according to filings. Meta hasn’t yet reported executive compensation for last year.
A spokesperson for the company declined to comment.
© 2024 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information | Ad Choices
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
