Shares of Meta Platforms Inc (NASDAQ:META) hit all-time highs Friday after the company reported fourth-quarter financial results that were better than expected by analysts.
The surging stock price has increased the wealth of Meta CEO Mark Zuckerberg.
What Happened: Meta beta revenue and earnings per share estimates from analysts and provided first-quarter guidance was well ahead of Street estimates.
The social media and technology company also announced its first-ever quarterly dividend and increased its share buyback.
With a 50-cent quarterly dividend, Zuckerberg could make $700 million annually from dividends of the Meta shares he owns.
That could provide a nice boost to Zuckerberg’s already soaring wealth.
Zuckerberg gained $14.3 billion in wealth year-to-date according to the Bloomberg Billionaires Index and posted the largest year-to-date gain of the richest people in the world.
With a wealth of $142 billion as of Thursday night, Zuckerberg was the fifth richest person in the world. With Meta shares surging Friday, Zuckerberg could quickly enter the top four.
Here’s a look at the current richest people in the world.
Elon Musk: $205 billion, -$23.6 billion year-to-date
Bernard Arnault: $185 billion, +$5.6 billion YTD
Jeff Bezos: $185 billion, +$7.8 billion
Bill Gates: $144 billion, +$3.6 billion
Mark Zuckerberg: $142 billion, +$14.3 billion
Related Link: Zuckerberg Vs. Musk: Billionaire Battle Sees Meta Platforms Rejoin $1 Trillion Market Cap Club Before Tesla
Why It’s Important: With Friday’s move, Zuckerberg could become the fourth richest person in the world, passing Microsoft co-founder Gates.
In 2023, the top 10 richest people gained $465.4 billion in wealth with Zuckerberg being one of the biggest gainers. Musk was the biggest gainer last year, adding $92 billion to his wealth. Zuckerberg ended 2023 worth $128 billion, adding $82.5 billion in wealth.
The move for Zuckerberg in 2023 and early 2024 comes after the Meta Platforms CEO had a rough 2022. Zuckerberg had one of the biggest single-day losses in wealth after Meta shares fell 26% in February 2022.
Zuckerberg fell out of the top 10 richest people in February 2022 with a wealth of $92 billion. Before the fall, Zuckerberg had been in the top 10 since July 2015.
The turnaround of Meta shares has significantly impacted the…
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