In a monumental comeback for Mark Zuckerberg‘s wealth, the co-founder of Facebook saw his net worth skyrocket by a staggering $28.1 billion following Meta’s quarterly results, which vastly exceeded Wall Street’s predictions. This surge propelled Meta’s shares up by approximately 20%, pushing Zuckerberg’s net worth to an astounding $170.5 billion. Surpassing Bill Gates, he now claims the fourth spot on the prestigious Bloomberg Billionaires Index.
This resurgence marks a significant turnaround for Zuckerberg’s fortunes, which plummeted to below $35 billion in late 2022 amidst the collapse of tech stocks in the wake of inflation and interest rate hikes. However, in 2023, his wealth experienced a remarkable resurgence, reaching unprecedented heights.
The impressive quarterly results also promise additional benefits for Zuckerberg. Meta’s announcement of its first-ever dividend for investors spells out a substantial payout for the tech mogul. With Meta declaring a quarterly cash dividend of 50 cents per share for Class A and B common stock starting in March, Zuckerberg, holding approximately 350 million shares, stands to rake in approximately $175 million in each quarterly payment before taxes, according to data compiled by Bloomberg.
Meta’s decision to initiate a dividend program sends a clear message regarding the company’s perspective on its growth potential. While many rapidly growing tech companies typically prioritize reinvesting earnings into developing new products or making acquisitions, Meta’s move suggests a shift in strategy. Despite significant investment in artificial intelligence initiatives, Meta’s acquisition prospects face challenges amid increasing regulatory scrutiny.
Following Meta’s restructuring, which involved the termination of about 21,000 employees and a refocus on key priorities, the company’s stock nearly tripled in value in 2023. The introduction of the dividend program, alongside an additional $50 billion earmarked for share buybacks, may serve to instill more confidence among investors in Zuckerberg’s long-term vision for artificial intelligence and the metaverse.
In terms of compensation, Zuckerberg received a total of $27.1 million in 2022, inclusive of private security costs, and a nominal base salary of $1, according to filings. However, Meta has yet to disclose executive compensation for the preceding year.
A spokesperson for Meta declined to comment on the matter. The meteoric rise in Zuckerberg’s wealth underscores the profound impact of Meta’s performance on his personal fortunes, solidifying his status as one of the world’s wealthiest individuals amidst a turbulent economic landscape.
