Zuckerberg’s Fortune Soars $28 Billion Amid Rally
Zuckerberg’s income went down below $35 billion in late 2022 as tech stocks crashed because of inflation and rising interest rates. It then went back up in a big way in 2023.
Zuckerberg’s Fortune Soars $28 Billion: Mark Zuckerberg’s money and Meta Platforms Inc. are both back. The co-founder of Facebook’s net worth went up by $28.1 billion after Meta’s quarterly results were much better than expected, which caused its shares to rise about 20%. He has beaten Bill Gates to become the fourth richest person in the world, and is now worth $170.5 billion, making him the richest person in history.
Zuckerberg’s income went down below $35 billion in late 2022 as tech stocks crashed because of inflation and rising interest rates. It then went back up in a big way in 2023.
Zuckerberg’s Fortune Soars $28 Billion Amid Rally
The good news will also help Zuckerberg in another way: the social media giant will pay out its first-ever bonus to investors, which he stands to receive in the amount of $700 million a year.
Beginning in March, Meta said that Class A and B common stock would get a cash payment of 50 cents per share every three months. Bloomberg data shows that Zuckerberg would get about $175 million in each quarterly payment before taxes since he owns about 350 million shares.
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Meta’s decision to pay a bonus shows how the company sees its scope for growth. Tech companies that are growing quickly often don’t pay dividends because they would rather use their profits to make new goods or buy other companies for a lot of money. Even though Meta is spending a lot of money on AI projects, it is becoming less likely that it will be acquired because regulators are against it.
In 2023, Meta’s stock almost tripled after the company fired about 21,000 people and scaled back its goals. Investors may be more willing to wait for Zuckerberg’s long-term bets on AI and the metaverse if he offers a new payout and buys back more shares worth $50 billion.
Filings show that Zuckerberg earned a total of $27.1 million in 2022, which included the cost of his private protection and a $1-a-month salary. Meta hasn’t yet said how much its executives were paid last year.
A company representative refused to say anything. This story source is taken from bloomberg.com. We will keep you updated on further news.