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.