Facebook CEO Mark Zuckerberg is seen after dueling in the “Metaverse” with an Olympic gold medalist fencer during a live-streamed virtual and augmented reality conference to announce Facebook's rebranding as Meta, in this screen grab taken from a video Released on October 28, 2021.
Facebook | Via Reuters
Meta CEO and co-founder Mark Zuckerberg has 28 billion reasons to celebrate the company's big quarter.
As of Friday's close, Zuckerberg is the richest ever, thanks to a 22% surge in Meta shares that left him with a $28 billion windfall. The CEO's net worth now stands at $165 billion, making him richer than Bill Gates, one of Microsoft's co-founders.
He will also receive approximately $174 million in cash when the company pays its first-ever dividend in March. Zuckerberg owns about 350 million Class A and Class B shares, both of which are eligible for dividends. Zuckerberg will earn more than $690 million on an annual basis if Meta maintains its quarterly dividend of 50 cents.
It's a remarkable change in fortunes for a man whose net worth is closely tied to the performance of Meta stock. In 2021, Zuckerberg's net worth peaked at about $142 billion, according to Bloomberg Billionaires IndexThe Nasdaq index reached a new high.
But the market-wide correction hit Meta harder than most. Investors and analysts have harshly criticized the company for pumping billions of dollars into Reality Labs, its virtual reality division. Zuckerberg responded by implementing significant cuts across the board, calling it a “year of efficiency” for Meta.
Many other tech CEOs followed suit throughout 2022, 2023, and even 2024. However, at the lows in October 2022 and November 2022, Meta shares could be acquired for around $90 per share, and Zuckerberg was worth $36 billion. A dollar, that is, a quarter of his total wealth. high.
Meta reported Q4 earnings that beat the top and bottom lines. It posted growth in every key metric tracked by the Street, and its net income more than tripled from the same quarter last year. The company is now worth $1.2 trillion.
Don't miss these stories from CNBC PRO:
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”