Updated February 4th, 2024 at 12:42 IST
Mark Zuckerberg’s wealth surges by $28 billion
Zuckerberg has also surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.
- 2 min read
Mark Zuckerberg’s net worth surged by $28.1 billion after Meta’s Q4 results exceeded Wall Street’s expectations, sending its shares up about 20 per cent. His worth is now $170.5 billion, the richest he’s ever been. Zuckerberg has also surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.
Zuckerberg’s wealth fell below $35 billion in late 2022 as tech stocks collapsed in the face of inflation and interest rate hikes. However, the stocks were soaring back in 2023.
Zuckerberg stands to receive a payout of about $700 million a year from Meta's first-ever dividend for its investors.
In March, Meta announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning. With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to Bloomberg's data.
This move by Meta to pay dividends to its investors gives a signal about the company’s view of its growth potential. Meta is spending big on AI initiatives, but its acquisition prospects are reducing 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.
In 2022, Zuckerberg took home $27.1 million in total compensation, including private security costs and a base salary of $1, according to filings. Meta is yet to report its executive compensation for last year.
Published February 3rd, 2024 at 17:58 IST