The parent company of Facebook, Meta Platforms, announced its first dividend and released strong financial results on Friday, resulting in the largest one-day gain in Wall Street history—a $196 billion increase in the company’s stock value.
Just a few years ago, the owner of Facebook experienced the largest loss of market value in the history of the stock market. However, the business has advanced significantly since then. On Thursday, it astounded investors with an even more remarkable quarterly earnings report, as the social media behemoth concentrates on reducing expenses and boosting billion-dollar profits.
Friday saw a 20% increase in the stock, closing at a record-high level of $474.99 per share. Overtaking Apple Inc.’s $190 billion gains, the rise added $197 billion to its valuation, the most market value addition in a single day.
Meta said late on Thursday that it would be paying a 50 cent quarterly dividend and has approved an additional $50 billion in share repurchases, just days before Facebook turned 20. CEO Mark Zuckerberg, who owns roughly 350 million Meta Class A and Class B shares, will get a sizable payout from Meta according to its dividend plan. The co-founder of Facebook might receive almost $175 million each quarter.
