Facebook CEO Mark Zuckerberg's salary drops to just $1

[Justin Kahn]

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.

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https://www.techspot.com/news/56217-facebook-ceo-mark-zuckerbergs-salary-drops-to-just-1.html

 

[wastedkill]

So how much was his salary before then???

Plus it doesn't matter about his salary as 99.99% of his income comes from shares...

 

[hellokitty[hk]]

Not funny ...

 

[TheBigFatClown]

*sigh*

 

[Cycloid Torus]

Rotten shame. He could be paying into Social Security and Medicare like the rest of the country, but ..no, he is so rich, he doesn't have to. I think the $1 @ year salary is just as bad as the megamillions which some CEOs get. Can someone really be worth $5,000 @ minute? Makes me think something is busted - like the tranny on my ancient Volvo - I still get to where I intended to go, but one of these days...

 

[davislane1]

Can someone really be worth $5,000 @ minute?

According to the details of this article, yes.

 

[Jad Chaar]

So how much was his salary before then???

Plus it doesn't matter about his salary as 99.99% of his income comes from shares...

>$500,000 according to the Bloomberg story posted in the article.

 

[MilwaukeeMike]

Wow, so rich he doesn't need a salary. Must be the latest trendy CEO fad.

Rotten shame. He could be paying into Social Security and Medicare like the rest of the country, but ..no, he is so rich, he doesn't have to. I think the $1 @ year salary is just as bad as the megamillions which some CEOs get. Can someone really be worth $5,000 @ minute? Makes me think something is busted - like the tranny on my ancient Volvo - I still get to where I intended to go, but one of these days...

Well, luckily for all of us, we only have to pay tax when we make money. So if he doesn't make any money he won't pay any tax. But don't worry, he will make money any time he sells stock or receives a bonus.

$5,000 a minute isn't all that unusual. Want some fun math, go figure out what Alex Rodriguez makes every at-bat. And even that is small compared to what a boxer can make in a minute in a big fight (granted, that's like two guys, one time.)

 

[Guest]

I'll be far more interested when the title reads "Mark Zuckerberg ingests massive amounts of ricin hidden in donut".

 

[davislane1]

Wow, so rich he doesn't need a salary. Must be the latest trendy CEO fad.

This isn't anything new or uncommon. "[company] CEO [name] to take home $1 salary for [fiscal year]" just doesn't get as many hits and social media shares as "[company] CEO [name] receives $2 million bonus on top of $353,000 salary and an undisclosed amount of stock options," so we don't hear about it as much. Like most other fiction, if you want your news to generate revenue it has to have a good villain.

 

[emmzo]

Is that legal? Isn`t the minimum wage 7 bucks an hour or something? Avoiding taxes down to the last dime gets hilarious.

 

[cliffordcooley]

Is that legal? Isn`t the minimum wage 7 bucks an hour or something? Avoiding taxes down to the last dime gets hilarious.

Sure is! When you don't work, you don't get paid. lol

 

[gamoniac]

Dang. I didn't know I am more generous than Mark Zuckerberg, relatively speaking. He gave away 0.45% of his salary. I am pretty sure I gave more than that between my donations, disaster relief donations, and monthly Children International sponsorship. But $18 million is better than none, I guess.

 

[gibbstar]

I'll be far more interested when the title reads "Mark Zuckerberg ingests massive amounts of ricin hidden in donut".

Ingesting ricin isn't nearly as deadly as inhaling it. You can actually survive ingesting quite a bit of it, whereas inhaling just a few mgs will kill you in a couple days.

Also, who care's if he makes a **** ton of money? If I made the 'next facebook', I sure as hell would love it and try to keep as much of the $$ as possible as opposed to giving it to uncle sam to spend badly.

 

[Guest]

I am pretty sure I can hire and pay him 100 times more then what he is making now per year. and he doesn't have to apply for it. he can join any time he wants...lol

 

[cmbjive]

Actions like this are so stupid. Of Mark Zuckerberg can afford to get a salary of $1: If his accountants, lawyers, financial advisors, and other money managers are worth their salt he will be living off the income generated from the various trust funds established under his name.

 

[Guest]

If Zuckerberg has constipation , is that also newsworthy?

 

[Raoul Duke]

Zuckerberg should be in jail. From Wikipedia:
"More than 40 lawsuits were filed in the month following the Facebook IPO.Reuters' Alistair Barr reported that Facebook's lead underwriters, Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the IPO roadshow. Some have filed lawsuits, alleging that an underwriter for Morgan Stanley selectively revealed adjusted earnings estimates to preferred clients. The remaining underwriters (MS, JPM, GS) and Facebook's CEO and board are also facing litigation. It is believed that adjustments to earnings estimates were communicated to the underwriters by a Facebook financial officer, who in turn used the information to cash out on their positions while leaving the general public with overpriced shares. Facebook's IPO is now under investigation and has been compared to pump and dump schemes." <edited for brevity>
So now he is richer, the poor are poorer, some who weren't poor are poor now and the world goes on

 

[Jesferkicks]

Dang. I didn't know I am more generous than Mark Zuckerberg, relatively speaking. He gave away 0.45% of his salary. I am pretty sure I gave more than that between my donations, disaster relief donations, and monthly Children International sponsorship. But $18 million is better than none, I guess.

I think the article says he gave 18 million shares of stock, not 18 million bucks. Even if it was $18 million how is that 0.45% of $500,000? Oh I c, you think the $3.3 billion was salary. OK, I get it. HInt: Increase in stock value is called "capital gains" not salary and it is taxed.