Benzinga - by Chris Katje, Benzinga Staff Writer.
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.
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 wealth of Zuckerberg as he remains one of the largest shareholders of the company and his wealth is tied to the stock.
META Price Action: Meta shares were up 20.32% to $474.99 Friday at market close, hitting a high of $485.96 earlier in the day. Meta shares are up over 200% in the last year.
Read Next: Mark Zuckerberg Created A Messaging System For Dad’s Dental Office And 4 Other Fun Facts About Facebook Co-Founder
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