February 3, 2024Anmol Nagpal

Mark Zuckerberg’s wealth surges by $28 billion

Mark Zuckerberg’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%.

Source: Facebook

His worth is now $170.5 billion, the richest he’s ever been, and surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.

Source: X Photo

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.

Source: Facebook

He stands to receive a payout of about $700 million a year from the social media giant’s first-ever dividend for investors.

Source: Facebook

Meta announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning in March.

Source: Meta

With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to media reports.

Source: Facebook

Meta’s move to pay a dividend sends a signal about the company’s view of its growth potential.

Source: AP

Often, faster-growing tech companies eschew dividends in favor of using earnings to develop new products or make expensive acquisitions.

Source: Representative Image

While Meta is spending big on artificial intelligence initiatives, its acquisition prospects are dwindling in the face of regulatory opposition.

Source: Unsplash

After Meta fired about 21,000 people and narrowed its priorities, the stock almost tripled in 2023.

Source: Facebook

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.

Source: Facebook