24×7 Live News

US Top news

Mark Zuckerberg’s wealth increased by $ 28 billion due to Meta rallies. international business news

meta Platform Inc. is back, and this is it Mark Zuckerbergfate of.
Facebook Co-founder’s net worth increased by $28.1 Arab After Meta reported quarterly results that exceeded Wall Street expectations, its shares rose nearly 20%. He is now worth $170.5 billion, the richest ever and has overtaken Bill Gates to fourth place in the Bloomberg Billionaires Index.
This is Zuckerberg’s big comeback PropertyThat fell below $35 billion at the end of 2022 as tech stocks fell amid inflation and rising interest rates, only to bounce back in 2023.
The upbeat results will also benefit Zuckerberg in other ways: He will receive a payout of about $700 million a year from the social media giant’s first dividend to investors.
Meta declared a quarterly cash dividend of 50 cents per share for its Class A and B common stock beginning in March. Since Zuckerberg owns about 350 million shares, he will take home about $175 million in each quarterly payout before taxes, according to data compiled by Bloomberg.
Meta’s move to pay a dividend sends a signal about the company’s growth potential. Often, fast-growing tech companies avoid 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 dimming due to regulatory opposition.
The stock is set to nearly triple in 2023 after Meta laid off about 21,000 people and limited its priorities. An additional $50 billion in new dividends and share buybacks could win more patience from investors with Zuckerberg’s long-term bets on artificial intelligence and the metaverse.
According to the filing, Zuckerberg will take home $27.1 million in total compensation in 2022, including personal security costs and a $1 base salary. Meta has not yet reported executive compensation for the past year.
A company spokesperson declined to comment.

Source link


Your email address will not be published. Required fields are marked *