Meta saw a historic one-day stock market gain of $196 billion, making it the largest by any company on Wall Street. With this, CEO Mark Zuckerberg's net worth has reached $165 billion, surpassing Bill Gates.
Meta's CEO Mark Zuckerberg (Credits: Reuters)
New Delhi,UPDATED: Feb 4, 2024 09:04 IST
Ahead of Facebook's 20th anniversary, Meta late on Thursday authorised an additional $50 billion in share repurchases and said its quarterly dividend would be 50 cents per share. The following day, the platform added $196 billion in stock market value, marking the biggest one-day gain by any company in Wall Street history.
With the development, Meta's stock surged 20.3 per cent for the session, also recording its biggest one-day percentage increase in a year and its third biggest since its 2012 Wall Street debut. Its stock market value now stands at more than $1.22 trillion.
The surge gave Meta CEO and co-founder Mark Zuckerberg reasons to celebrate, as he saw a $28 billion paper windfall. The CEO now has a net worth of $165 billion, making him wealthier than Microsoft co-founder Bill Gates.
According to a report with CNBC, Zuckerberg will also receive roughly $174 million in cash when the company pays out its first-ever dividend in March.
While dividends are associated with mature, slow-growth companies, Meta's is the fourth offered by Wall Street's most valuable technology-related heavyweights, along with Apple, Microsoft and Nvidia.
"Paying a dividend suggests the company wants to reboot its reputation and be taken more seriously. But ultimately the amount being paid is only a token gesture," Dan Coatsworth, an investment analyst at AJ Bell was quoted by news agency Reuters as saying.
Friday's increase in Meta's market capitalisation eclipsed the previous record held by Amazon, which saw its market value surge by $190 billion on February 4, 2022, following a blowout quarterly report.
A day earlier, Meta lost over $200 billion in value, the biggest loss in US stock market history, after it issued a dismal forecast.
Meta's dividend plan means a hefty payout for CEO Mark Zuckerberg, who owns about 350 million Meta Class A and Class B shares. The Facebook co-founder could get about $175 million every quarter.
Optimism about the potential for artificial intelligence contributed to a 24 per cent rally in the S&P 500 .SPX last year, with Meta, Nvidia, Microsoft and Broadcom recently hitting record highs. With Friday's gain, Meta is now up 35 per cent in 2024.
Published By:
Vani Mehrotra
Published On:
Feb 4, 2024
FAQs
Meta saw a historic one-day stock market gain of $196 billion, making it the largest by any company on Wall Street. With this, CEO Mark Zuckerberg's net worth has reached $165 billion, surpassing Bill Gates.
How much of Meta does Mark Zuckerberg own? ›
Zuckerberg owns 13% of Meta, and the holding makes up the bulk of his wealth.
Is Mark Zuckerberg a billionaire or a millionaire? ›
Mark Zuckerberg is now California's richest billionaire after his fortune surged over the past year, report says. Mark Zuckerberg is California's richest person, with a net worth of $177 billion, Forbes has reported. The Meta CEO's wealth has grown notably this year as the company's stock has continued to rise.
What does Mark Zuckerberg own? ›
Mark Zuckerberg launched Facebook in 2004 and took the company public in 2012. In November 2021, Facebook changed its name to Meta Platforms, Inc. The company owns Instagram, its flagship Facebook brand, Threads, WhatsApp and Oculus. Technical difficulties led users to look into Zuckerberg's recent Meta stock sales.
How much of Microsoft does Bill Gates own? ›
Key Takeaways. Institutional investors are the majority owners of Microsoft, accounting for almost 70% of outstanding shares. Former CEO Steve Ballmer owns a 4% stake in Microsoft, more than its founder Bill Gates, who holds a 1.3% stake. Vanguard and Blackrock are the two largest Microsoft's institutional investors.
Who owns majority of Meta? ›
Mark Zuckerberg – 345,473,496 Shares – 13.5%
CZI holds 958,000 Class A Meta shares and 344.5 million Class B shares, according to an SEC filing dated April 1, 2024, giving Zuckerberg majority control over Meta with 61% of the shareholding voting power.
Who is the no. 1 richest person in the world? ›
Bernard Arnault, chairman of LVMH, is the richest person and the richest man in the world with a net worth of $215 billion. After Arnault is Jeff Bezos, founder of Amazon. Other billionaires with some of the largest net worths include Tesla's Musk, Microsoft's Bill Gates, and Oracle's Larry Ellison.
Who is the richest family in the world 2024? ›
Top 10 richest people in the world
| Name & Rank | Net Worth (in $ Billions) | Source of Wealth |
|---|
| #1 Bernard Arnault & family | $210.1 | LVMH |
| #2 Elon Musk | $205.6 | Tesla, SpaceX |
| #3 Jeff Bezos | $198.9 | Amazon |
| #4 Mark Zuckerberg | $152 | Facebook |
6 more rows5 days ago
A 19-year-old Brazilian student, Livia Voigt, claims the title of the world's youngest billionaire, surpassing Italian teen Clemente Del Vecchio.
Who is the richest girl in the world? ›
No.
Francoise Bettencourt Meyers, 70, has been deemed the richest woman in the entire world with a net work of $99.5 billion in 2024, according to Forbes. She owes it to the widely known cosmetic care company called L'Oreal, which was founded by her grandfather.
Mark Zuckerberg was 23 years old when he debuted on the Forbes Billionaires list in 2008, making him the youngest self-made billionaire to appear on the list. How old was Mark Zuckerberg when Facebook was created?
Who is the richest person in history? ›
However, many believe Mansa Musa's wealth outdoes that of all modern billionaires. Mansa Musa ruled over the Mali empire in the 14th Century, and his incredible access to gold made him arguably the richest human to have ever lived.
How many children does Mark Zuckerberg have? ›
Mark Zuckerberg's children
Meta CEO, Mark Zuckerberg and his spouse, Priscilla Chan, have three daughters, Maxima, August, and Aurelia. Mark and Priscilla coined their daughter's names from the Roman Empire period – a time that mesmerizes Mark.
Does BlackRock own Meta? ›
Another ETF giant: BlackRock (BLK). It now owns 6.1% of the company with a stake valued at $54.1 billion. The iShares Core S&P 500 ETF (IVV) owns more than 22 million of Meta shares alone, says ETF.com.
Why is Zuckerberg selling Meta? ›
Zuckerberg primarily sells Meta shares to fund philanthropic initiatives, according to company spokesperson.
Who owns the most Meta stocks? ›
Vanguard owns the most shares of Meta Platforms (META).
Is Meta owned by Mark Zuckerberg? ›
Mark Zuckerberg is the founder, chairman and CEO of Meta, which he originally founded as Facebook in 2004.
How much does Mark Zuckerberg own a Facebook? ›
Mark Zuckerberg, the co-founder of Facebook, owns approximately 13% of Facebook's outstanding shares as of 2021, according to public filings. However, at the time of Facebook's initial public offering (IPO) in 2012, Zuckerberg owned around 28% of the company.
Who owns the majority of Facebook? ›
Who owns Facebook? Facebook is a publicly-traded company, so a single individual or company doesn't own it. Among its majority owners is Mark Zuckerberg, who owns the majority shares of the company. Several other individuals and institutions hold essential stakes in the company.
