Ranked as the 22nd richest person on the planet by the Bloomberg
Billionaires Index, Facebook's Mark Zuckerberg decided to follow
suit with other extremely wealthy Silicon Valley entrepreneurs, taking
a $1 salary in 2013.
The news comes by way of a filing with the U.S. Securities
and Exchange Commission yesterday. The $1 salary is down from the over half a
million Zuckerberg was paid the year prior. While this may come as a surprise
to some, it is quite a common practice; people like Google's Larry Page and
Sergey Brin both take home $1 in salary as well. Many feel the practice was
popularized by the late Apple co-founder Steve Jobs.
With a total worth of around $27 billion and with Facebook
shares doubling in value last year, the half a million dollar hit Zuckerberg
took last year isn't going to do much damage. He made $3.3 billion in 2013
after purchasing 60 million shares with enough left over to give 18 million of
them to charity.
On top of the $1 in salary, the Facebook co-founder still
spent more than $650,000 in compensation for private planes and catering. All
of which is necessary for his personal safety and was down from nearly $2
million in 2012, according to the SEC filing.
It wasn't just Zuckerberg taking a hit either, COO Sheryl
Sandberg, who recently became a billionaire when Facebook shares skyrocketed
earlier this year, was docked around $10 million in 2013 compared to 2012.
Other Facebook execs saw a drop in compensation last year as well, including
CFO David Ebersman, CTO Mike Schroepfer and VP David Fischer.
Read more >> http://www.techspot.com/news/56217-facebook-ceo-mark-zuckerbergs-salary-drops-to-just-1.html
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