Meta will pay Mark Zuckerberg about $700 million in dividends per year

Mark Zuckerberg, CEO of Meta Platforms Inc, will receive about $700 million a year in dividend payments, reports Bloomberg.

Meta has declared a quarterly dividend of 50 cents per share for its Class A and Class B ordinary shares, effective March. This is the first time in its history that the company will make such payments. This is a signal of how Meta views its growth potential.

According to the agency, Mark Zuckerberg owns about 350 million shares, so each quarterly payment will provide him with about $175 million before taxes.

Often, fast-growing tech companies forgo dividends in favor of using profits to develop new products or make expensive acquisitions.

As a reminder, in 2022, Mark Zuckerberg received $27.1 million in total compensation. This amount includes private security costs and a base salary of $1. So far, Meta has not reported on the compensation of the company’s management for the past year.