April 15, 2024
Mark Zuckerberg made  billion this morning after record surge in Meta stock.  cnn business

Josh Adelson/AFP/Getty Images

Meta Founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California on September 27, 2023.

New York CNN –

Mark Zuckerberg’s net worth increased by more than $28 billion between your morning coffee and your lunch break.

The Meta founder and CEO – whose net worth already exceeds $140 billion, according to Bloomberg’s Billionaire Index – has cleared Meta’s share price skyrocketed in the past day, after the company announced its first cash dividend program.

Meta (META) shares jumped more than 20% on Friday on news that it will pay a quarterly dividend of $0.50 per share on March 26 to shareholders of record dating back to Feb. 22.

According to the US Securities and Exchange Commission, Zuckerberg owns about 350 million shares of the company.

Unless he sells or buys more shares of the company’s stock, and assuming the quarterly dividend remains at the same level, Zuckerberg will also benefit about $700 million per year from the company’s dividend payments.

While dividends excite shareholders because they reward investors simply for holding the stock, they are also widely criticized for artificially inflating the stock price without spending on employees or improving the underlying business. Is.

The rally puts Meta stock at risk for potential losses after Zuckerberg, along with other social media company chiefs, testified before the Senate Judiciary Committee on Wednesday about the dangers their products pose to youth.

Zuckerberg was put under pressure Internal Meta documents reveal that the company estimates the lifetime value of a teenage user to be $270, as well as Meta’s transparency about how it monetizes user data.

Zuckerberg apologized to parents attending who say their children were victims of social media.

He said, “I’m sorry for everything you’ve gone through.” “No one should have to go through the things that your families have had to go through and that’s why we invest so much and we will continue our industry-wide efforts to make sure that no one has to go through those things What your families have had to endure.”

Source: amp.cnn.com

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