Mark Zuckerberg is set to rake in $700 million a year from Meta's first-ever dividend
- Meta announced a 50-cent-per-share quarterly dividend on Thursday.
- Meta cofounder and CEO Mark Zuckerberg, who owns 350 million shares, stands to receive $700 million in yearly dividends.
On Thursday, Meta announced its first-ever dividend — and major shareholder Mark Zuckerberg is set to rake it in.
Zuckerberg, who is Meta's cofounder and CEO, holds 350 million Meta shares — or a 13% stake — in Meta, according to data compiled by Bloomberg.
Since Meta announced a 50 cent-per-share dividend for Class A and B common stock, Zuckerberg stands to receive $175 million each quarter. The dividend is set to be paid out from March.
The dividend payout amounts to $700 million a year in dividends alone for Zuckerberg — on top of price gains in Meta's stock price, which soared nearly 200% in 2023.
Zuckerberg is already the world's fifth-richest person with a $142 billion fortune, according to the Bloomberg Billionaires Index.
He's been having a good 2024 so far, with his wealth soaring 11.2% on the back of a sustained rise in Meta shares, which rose further on Thursday after Meta reported earnings.
Meta on Thursday reported fourth-quarter earnings that beat expectations. On a full-year basis, Meta's revenues rose 16% from a year ago and its profits ballooned by 69% over the same period to $39 billion.
Meta's strong performance came after its "Year of Efficiency" in 2023, when it laid off thousands of employees.
Meta's shares were 15.2% higher at $454.85 apiece in after-hours trade after closing 1.2% higher on Thursday. The stock is up 11.5% this year to date.
Meta did not immediately respond to a request for comment from Business Insider. A spokesperson declined comment to Bloomberg.