Mark Zuckerberg’s Wealth Surges Over $28 Billion as Meta Stock Hits Record High
In a financial whirlwind, Meta’s founder and CEO, Mark Zuckerberg, experienced a staggering increase of more than $28 billion in his net worth within a single morning. Zuckerberg, already valued at over $140 billion according to Bloomberg’s billionaire index, witnessed this colossal surge as Meta’s stock reached unprecedented heights.
The surge came on the heels of Meta’s announcement of its inaugural cash dividend program, propelling shares of Meta (META) to soar by over 20% on Friday. The company disclosed plans for a quarterly dividend of $0.50 per share, scheduled for disbursement on March 26 to shareholders recorded as of February 22.
Zuckerberg, holding approximately 350 million shares of Meta, as reported by the US Securities and Exchange Commission, stands to benefit substantially from the dividend program. If he maintains his current shareholding and with the quarterly dividend remaining constant, Zuckerberg is poised to gain an estimated $700 million annually from Meta’s dividend payouts.
While dividends are celebrated by shareholders for rewarding stockholders based on their ownership, they also face criticism for potentially inflating stock prices without corresponding investments in employee welfare or business enhancements.
This financial upswing occurred against the backdrop of potential challenges for Meta stock, stemming from Zuckerberg’s recent testimony before the Senate Judiciary Committee alongside other social media company leaders. The hearing focused on the perceived risks posed by their products to young people, with Zuckerberg addressing concerns about internal Meta documents suggesting the estimated lifetime value of a teen user at $270.
Despite the financial success, Zuckerberg expressed apologies during the hearing to parents who believe their children suffered due to social media. He pledged ongoing efforts within the industry to prevent such hardships for families in the future.
