Mark Zuckerberg now richer than Bill Gates
Meta authorised an extra $50 billion in share repurchases on Thursday, ahead of Facebook's 20th anniversary, and announced a quarterly dividend of 50 cents per share. The next day, the platform's stock market value increased by $196 billion, the largest one-day gain by any corporation in Wall Street history.
Meta's stock rose 20.3% for the session, marking its highest one-day percentage rise in a year and the third largest since its Wall Street debut in 2012. Its stock market is currently valued at more over $1.22 trillion. The spike gave Meta CEO and co-founder mark zuckerberg reason to celebrate, as he received a $28 billion paper windfall. The CEO now has a net worth of $165 billion, more than microsoft co-founder Bill Gates.
According to CNBC, Zuckerberg will get around $174 million in cash when the firm pays out its first dividend in March.
While dividends are typically associated with old, slow-growth firms, Meta's is the fourth highest among Wall Street's most valuable technology giants, behind apple, microsoft, and Nvidia.
"Paying a dividend indicates that the corporation wants to rebuild its reputation and be considered more seriously. But, ultimately, the sum given is really a small gesture," Dan Coatsworth, an investment analyst at AJ Bell, told Reuters.
Meta's market capitalization growth on friday surpassed Amazon's previous record, which saw its market worth rise by $190 billion on february 4, 2022, following a blowout quarterly report.
A day earlier, Meta lost almost $200 billion in value, the worst loss in US stock market history, after issuing a bleak prediction.
Meta's dividend strategy results in a sizable payout for CEO mark zuckerberg, who holds around 350 million Meta Class A and B shares. The data-facebook co-founder may receive almost $175 million every quarter.
Optimism over the promise of artificial intelligence led to a 24% rise in the S&P 500.SPX last year, with Meta, Nvidia, microsoft, and Broadcom recently setting new highs. With Friday's gain, Meta is currently up 35% in 2024.
Meta's stock rose 20.3% for the session, marking its highest one-day percentage rise in a year and the third largest since its Wall Street debut in 2012. Its stock market is currently valued at more over $1.22 trillion. The spike gave Meta CEO and co-founder mark zuckerberg reason to celebrate, as he received a $28 billion paper windfall. The CEO now has a net worth of $165 billion, more than microsoft co-founder Bill Gates.
According to CNBC, Zuckerberg will get around $174 million in cash when the firm pays out its first dividend in March.
While dividends are typically associated with old, slow-growth firms, Meta's is the fourth highest among Wall Street's most valuable technology giants, behind apple, microsoft, and Nvidia.
"Paying a dividend indicates that the corporation wants to rebuild its reputation and be considered more seriously. But, ultimately, the sum given is really a small gesture," Dan Coatsworth, an investment analyst at AJ Bell, told Reuters.
Meta's market capitalization growth on friday surpassed Amazon's previous record, which saw its market worth rise by $190 billion on february 4, 2022, following a blowout quarterly report.
A day earlier, Meta lost almost $200 billion in value, the worst loss in US stock market history, after issuing a bleak prediction.
Meta's dividend strategy results in a sizable payout for CEO mark zuckerberg, who holds around 350 million Meta Class A and B shares. The data-facebook co-founder may receive almost $175 million every quarter.
Optimism over the promise of artificial intelligence led to a 24% rise in the S&P 500.SPX last year, with Meta, Nvidia, microsoft, and Broadcom recently setting new highs. With Friday's gain, Meta is currently up 35% in 2024.