The misuse of social media forced Mark Zuckerberg to issue a stunning public apology this past week. The following financial news on Friday might ease some of the pain: Bloomberg claims that there was a $27 billion increase in his net wealth.
The startling increase resulted from Meta's stock price surging after the Wall Street Journal reported that the firm had its best quarterly revenues in over two years and that it had started paying out its first dividend. According to CNN, the 39-year-old co-founder of Facebook stands to earn almost $700 million year from the dividend, supposing he does not sell any shares.
The AP attributes internet advertising to Meta's successful quarter. Tech analyst Debra Aho Williamson said, "The firm may speak all it wants about AI and the metaverse, but it is still a social network company that receives virtually all its income from advertising, and advertisers still plainly adore Meta."
The big day has helped Zuckerberg climb the global wealth ladder; according to Forbes, he is now worth $169 billion and ranks fourth behind Jeff Bezos ($194 billion). Elon Musk, with $198 billion, and Bernard Arnault and family, with $212 billion, are ahead of them.
The startling increase resulted from Meta's stock price surging after the Wall Street Journal reported that the firm had its best quarterly revenues in over two years and that it had started paying out its first dividend. According to CNN, the 39-year-old co-founder of Facebook stands to earn almost $700 million year from the dividend, supposing he does not sell any shares.
The AP attributes internet advertising to Meta's successful quarter. Tech analyst Debra Aho Williamson said, "The firm may speak all it wants about AI and the metaverse, but it is still a social network company that receives virtually all its income from advertising, and advertisers still plainly adore Meta."
The big day has helped Zuckerberg climb the global wealth ladder; according to Forbes, he is now worth $169 billion and ranks fourth behind Jeff Bezos ($194 billion). Elon Musk, with $198 billion, and Bernard Arnault and family, with $212 billion, are ahead of them.
