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Facebook CEO Zuckerbergs Base Salary Falls to $1
Key Excerpts from Article on Website of MSN
Posted: April 7th, 2014
http://money.msn.com/business-news/article.aspx?feed=BLOOM&d...
Mark Zuckerberg has decided hes a $1-a-year man. Zuckerberg, who is Facebook Inc.s chief executive officer and also the 22nd richest person in the world as ranked by the Bloomberg Billionaires Index, was paid $1 in salary for 2013, according to a regulatory filing with the U.S. Securities and Exchange Commission yesterday. Thats down from a base salary of $503,205 in 2012, the year that Facebook went public. Zuckerberg is following the well worn path of other Silicon Valley technology moguls who also chose to take on the symbolic annual salary of $1 after they were already wealthy. Apple Inc.s late co-founder Steve Jobs helped popularize the practice, which is today also espoused by Google Inc. co-founders Larry Page and Sergey Brin, among others. All own sizable equity stakes in their own companies. Zuckerberg, whose wealth totals around $27 billion, owns Facebook shares that give him 61.6 percent of voting power in the Menlo Park, California-based social network, according to the filing. He saw his net worth balloon last year as Facebooks stock more than doubled in value. The 29-year-old has ramped up his public service and philanthropy, including starting a group called Internet.org to connect the world to the Web. Zuckerbergs total compensation last year was $653,165, down from $1.99 million in 2012. The amount, besides the $1 salary, was for the passenger fees, fuel, crew and catering costs for his use of private planes for personal reasons, as part of his security program, according to the filing. The CEO also made $3.3 billion last year after exercising stock options to purchase 60 million shares, according to the filing.
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