Meta CEO Mark Zuckerberg said the company’s new quarterly dividend, announced on the same day as the company’s strong fourth-quarter results that sent Meta’s stock price soaring 15%, will bring the company’s annual profit to $700 million. I have a good chance of getting it.
bloomberg report Metaplatforms CEO Mark Zuckerberg will receive about $700 million annually from the company’s new quarterly dividend, according to a recent filing. This comes after Meta’s stock price rose 15% following strong fourth-quarter results and the announcement of a 50 cents per share dividend starting in March.
The dividend, Meta’s first, means Zuckerberg will receive about $175 million each quarter based on his roughly 350 million shares, Bloomberg reported.
“Children are dying”: @Marsha Blackburn Blames Zuckerberg’s ‘army of lawyers and lobbyists’ protecting Big Tech pic.twitter.com/uEEzXveT7w
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This allows the tech mogul to earn about $700 million a year from payments.
Meta beat revenue estimates for the fourth quarter of 2023, bringing in $40.1 billion versus the expected $39.18 billion. Earnings per share were $5.33, compared to expectations of $4.96. CNBC notes. Along with the dividend, the company also announced a $50 billion stock repurchase program.
Meta’s online advertising business continues to recover after a difficult 2022, with fourth-quarter revenue up 25% year over year. Expenses also fell 8% for the year to $23.73 billion, as Meta’s cost-cutting measures improved profitability.
Mark Zuckerberg, CEO of Meta, speaks during a Senate Judiciary Committee meeting with representatives of social media companies at the Dirksen Senate Office Building on Wednesday, January 31, 2024 in Washington, DC. At the public hearing, he held up a photo and expressed his condolences to the grieving family. (Matt McClain/The Washington Post via Getty Images)
Meta’s stock price rose 14% in late trading as strong quarterly results and return on equity boosted investor confidence. As a result, the company’s stock, which plummeted 61% the previous year, made a remarkable recovery in 2023, almost tripling.
The new dividend suggests Meta believes its growth prospects are limited amid regulatory constraints on acquisitions, Bloomberg reported. However, Zuckerberg insisted that the company is focused on advancing its AI and metaverse vision. Meta is pouring money into these futuristic bets, and its $700 million annual payout provides Mr. Zuckerberg with significant personal rewards.
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Lucas Nolan is a reporter for Breitbart News covering free speech and online censorship issues.
