Zuckerberg’s Wealth Skyrockets
In a stunning financial comeback, Mark Zuckerberg’s net worth surged by a whopping $28.1 billion following Meta Platforms Inc.’s stellar quarterly results, surpassing even the wildest Wall Street expectations. The surge propelled Zuckerberg to a record-breaking net worth of $170.5 billion, securing him the fourth position on the prestigious Bloomberg Billionaires Index, leaving Bill Gates behind.
After a tumultuous period in late 2022, where Zuckerberg’s wealth dipped below $35 billion due to the collapse of tech stocks amidst inflation and interest rate concerns, 2023 witnessed an impressive resurgence. Meta’s shares skyrocketed by approximately 20%, reflecting the company’s robust performance.
Zuckerberg’s financial triumph isn’t the only good news for him. The buoyant results are expected to translate into an additional windfall, with Meta announcing its inaugural dividend of 50 cents a share for Class A and B common stock, beginning in March. With Zuckerberg holding approximately 350 million shares, he stands to rake in around $175 million in each quarterly payment before taxes, according to Bloomberg data.
The decision by Meta to issue dividends signifies the company’s confidence in its growth potential. While many tech giants typically reinvest earnings into new ventures or acquisitions, Meta’s move is noteworthy, especially in the face of regulatory challenges affecting its acquisition prospects.
Despite facing regulatory headwinds and implementing significant workforce reductions of around 21,000 employees, Meta’s stock nearly tripled in 2023. The recent dividend announcement, coupled with an additional $50 billion earmarked for share buybacks, aims to garner more support from investors, boosting confidence in Zuckerberg’s long-term vision for artificial intelligence and the metaverse.
Zuckerberg’s compensation details for 2023 are yet to be disclosed by Meta. In 2022, he received $27.1 million in total compensation, inclusive of private security costs and a nominal base salary of $1, as per filings. The company declined to comment on executive compensation for the past year.
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