Former CEO of Microsoft Steve Ballmer gets $1 billion
Steve Ballmer, the former CEO of Microsoft, is set to get a staggering $1 billion in passive income from the company in 2024. Because Microsoft has chosen to increase dividend payments to its stockholders, he will be receiving this enormous sum of money.
About 333.2 million shares, or 4% of Microsoft, are owned by Ballmer, a substantial portion of the firm. As a result of this ownership, he receives dividends from the business regardless of Microsoft’s performance in the market.
Since Microsoft began paying dividends to shareholders in 2003, the business has continuously increased the amount it pays to them, so it appears improbable that it will reduce these payments.
Ballmer is expected to owe about $200 million in taxes on these dividends, based on his prior income as disclosed to the IRS. This is because dividends are subject to a 20 percent tax for anybody making $500,000 or more annually.
old Microsoft CEO Steve Ballmer, who is already among the wealthiest persons in the world, is expected to get dividend payments from his old employer for around $1 billion” for doing nothing.”
Who is Steve Ballmer?
He succeeded co-founder Bill Gates as the computer company’s CEO for 14 years, ending in January 2000. In February 2014, he gave Satya Nadella, the current CEO, the coveted position. But up until August of that year, the billionaire continued to serve on its board of directors.
A co-founder of the charitable investment firm Ballmer Group, he is the owner of the Los Angeles Clippers of the National Basketball Association (NBA).
From 2000 until 2014, American businessman Steve Ballmer led Microsoft as its chief executive officer. He was born in 1956 in Detroit, Michigan, and earned a mathematics and economics degree from Harvard University. He attended Stanford Business School for a short time before leaving to become employee number 30 at Microsoft in 1980.
Ballmer will receive $1 billion “for doing nothing,” but how?
This is a result of Microsoft’s decision to boost its quarterly dividend payment to 75 cents per share, or $3 per share on an annual basis. Hence, regardless of the performance of the company, Ballmer, whose 333.2 million shares equate to a 4% stake, will receive just under $1 billion (999.6 million or 99.96 crore; 1 billion=100 crore) for his ownership alone in 2024.
In 2003, the business started giving its stockholders dividends. The amount has only increased since then.
Berkshire Hathaway, an investment firm owned by Warren Buffet, is expected to earn an astounding $6 billion in dividends this year. The dividends are provided by the several businesses in which Berkshire Hathaway has invested.
Ballmer has been involved in investing and philanthropy since departing from Microsoft. He is a co-founder of the philanthropic investment firm Ballmer Group and the owner of the Los Angeles Clippers, a member of the National Basketball Association.
Among the most successful CEOs in history is thought to be Ballmer. He is renowned for his vivacious and enthusiastic demeanor and is recognized for having turned Microsoft into a multinational technology behemoth.
Does Ballmer Pay His Tax?
Anybody who makes $500,000 or more in income that is taxable in a given year is required by US tax law to pay 20% in taxes. Ballmer must therefore pay the $200 million 20% tax on his Microsoft revenues, based on his most recent reported income of $656 million (from 2018).
Ballmer was instrumental in the business’s early development and success, especially in the creation of the MS-DOS OS. In 1998, he was appointed president of Microsoft, then in 2000, CEO. He oversaw the introduction of significant products like Windows XP, Xbox, and Zune while serving as CEO.
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