Mark Zuckerberg is now the fifth richest person in the world after Meta’s stock price soared 20 percent in one day.
So far in 2024, the 39-year-old’s wealth has increased by $14.3 billion, more than anyone else, and now stands at $142 billion.
This puts him ahead of former Microsoft CEO Steve Ballmer and just behind the tech giant’s founder Bill Gates.
And Zuckerberg’s wealth will continue to grow.he on Thursday cheered investors by announcing its first-ever dividend on its Meta stock, giving out a portion of its profits as a reward for owning the company’s stock.
But as Zuckerberg’s largest shareholder with a 13% stake, he stands to benefit more than anyone else from the 50 cents per share bonus. For him, his dividends equate to $700 million a year.
Mark Zuckerberg has moved into fifth place on Bloomberg’s list of the world’s richest people, surpassing Microsoft co-founder Steve Ballmer. Facebook founder’s net worth increases by $14.3 billion by 2024 – on the back of Meta stock price surge
Mark Zuckerberg is currently the fifth richest person in the world, according to the Bloomberg Index
Mr. Zuckerberg’s public salary from Meta is just $1, but the company’s stock has boosted his net worth to $142 billion, according to the Bloomberg Billionaires Index.
Elon Musk, the world’s richest man, has had a tough year so far, but he remains the richest man so far.
According to Bloomberg, his net worth has decreased by $23.6 billion since the beginning of 2024.
If Mr. Musk’s rate of decline and Mr. Zuckerberg’s rate of growth continue, the Facebook founder will overtake the Tesla boss by early April.
Experts say that’s unlikely. Tesla has had a particularly poor start to the year, but Musk is likely to turn things around given his track record.
But aside from the drop in Tesla’s stock price, Musk’s $205 billion net worth faces a potential financial hit as a result of the court case. A Delaware judge ruled this week that he was not entitled to $55 billion in Tesla compensation.
The pay package is worth about $51.1 billion, according to Bloomberg. This means that the businessman’s net worth could drop to about $154 billion if he loses his assets.
This will move him down several notches on the current list of the world’s richest people.
In second place is LVMH CEO Bernard Arnault, a French businessman with a net worth of $185 billion.
LVMH is the world’s largest luxury goods conglomerate, with more than 70 brands including Louis Vuitton, Moët & Chandon, Hennessy, and Sephora.
In third place is Amazon founder Jeff Bezos, with a net worth of $185 billion, and in fourth place is Microsoft co-founder Bill Gates, with a net worth of $144 billion.
Zuckerberg held a higher position than Steve Ballmer, who served as CEO of Microsoft from 2000 to 2014.
Meta stock rose 20% on Friday, having its third-best day ever after the company announced it tripled its profits in blockbuster results for the final quarter of 2023. Investors also bought the stock because of the promised dividend.
company, who owns it FacebookInstagram and WhatsApp, The company reported profit of $14 billion ($5.33 per share) from October to December last year, up from $4.65 billion ($1.76 per share) in the same period last year.
Tesla CEO Elon Musk is currently the richest person on the planet
Meta’s stock price soared following the announcement of blockbuster financial results for the fourth quarter of 2023.
Analysts had expected earnings of $4.82 per share and revenue of $39.1 billion, according to FactSet Research.
Meanwhile, sales rose 25% to $40.11 billion in the quarter.
This was up from $32.2 billion in the same period a year ago and marked the highest growth in any period since mid-2021, as the online advertising market continued to recover.
“It was a good quarter as our community and business continue to grow,” CEO Mark Zuckerberg said in a statement. We have made great strides in aligning with our vision of evolving AI and the Metaverse. ”
This marks a major turnaround for the company, which suffered a stock market crash in 2022, wiping out more than three-quarters of its stock price at the time.
As a result, Meta entered a self-proclaimed “year of efficiency” in 2023, with a focus on cost cutting and thousands of employee layoffs.
According to the company, the number of employees as of December 31, 2023 was 67,317, a decrease of 22% from the same period last year.
Meta also attributes its success to advances in AI and an improved advertising business that has allowed it to grow faster than rival Google.
The jump in Meta’s stock price came days after Zuckerberg attended a U.S. Senate hearing along with other technology leaders.
Mark Zuckerberg was sworn to testify at a US Senate hearing this week.
The billionaire apologized to families who say their children have been harmed by social media.
He appeared alongside TikTok CEO Shou Zi Chew, Discord boss Jason Citron, X chief Linda Yaccarino, Snapchat founder Evan Spiegel and others.
All were slammed by Republicans for how their respective apps protect teenagers and children.
“I’m sorry for everything you’ve been through,” Zuckerberg said. ‘That’s terrible. No one should have to go through what your family has gone through. ”