Mark Zuckerberg will earn $700 million a year through Meta’s new quarterly dividends, which will be used in Capitol Hill for failing to protect children from online sexual abuse and exploitation. This is an astronomical dividend announced just one day after the company faced outrage.
The 39-year-old tech mogul’s pay stems from Meta’s plan, revealed late Thursday, to pay a quarterly cash dividend of 50 cents per common share starting in March of this year.
Mr. Zuckerberg owns about 350 million shares, which means he earns about $175 million each fiscal quarter before taxes. According to data from Bloomberg – or $700 million a year.
The company also announced a $50 billion share buyback. Meta stock rose more than 16% in premarket trading on Friday. The stock price move will see Zuckerberg’s wealth rise tens of billions of dollars more on Friday.
Despite warnings that children are being exposed to disturbing content about suicide and anorexia, as well as disturbing messages from alleged predators, he is The unexpected turn of events could further infuriate critics who have long argued that the company has prioritized profit over safety.
Representatives for Meta did not immediately respond to requests for comment.
As of Friday morning, Zuckerberg ranked as the fifth-richest person in the world with an estimated net worth of $142 billion, according to the Bloomberg Billionaires Index. His wealth has increased by more than $14 billion since the beginning of this year alone.
The dividend represents a significant increase in Zuckerberg’s salary, which he received in 2022 to the tune of $27.1 million, according to the latest disclosures available. Much of that amount was related to his personal security costs, as his base salary is just his $1.
Zuckerberg faced hours of harsh attacks from a Senate committee earlier this week. Sen. Lindsey Graham declared that Meth has a product that is “killing people,” and Sen. Dick Durbin called the problem of online child exploitation “an American crisis.” ”
During a particularly heated segment with Republican Sen. Josh Hawley, an embarrassed Mr. Zuckerberg stunned the audience by rising from his seat, turning to the parents of the victims in the audience, and apologizing, saying: That your family is suffering. ”
Critics were not convinced by the sudden apology. New Mexico Attorney General Raul Torres, who is suing Mehta and Zuckerberg for failing to protect their children from suspected sex offenders, said in an interview with the Post that the charges are “It’s too little, too late,” he said.
Meta has spent billions of dollars on security for its platform and has touted its efforts to improve online safety, including rolling out a feature last month to prevent underage users from receiving direct messages from strangers. .
Meta reveals plans to pay first-ever dividend after explosive quarter in which social media giant beat Wall Street expectations for revenue and profits more than tripled from a year ago did.
The company’s profits have increased since Mr. Zuckerberg ordered a companywide cost-cutting drive. Meta’s global workforce was 67,317 as of Dec. 31, down 22% from a year ago, according to company filings.
