Facebook, Inc. (FB) CEO Mark Zuckerberg drops salary down to $1
Facebook, Inc. (NASDAQ:FB) CEO Mark Zuckerberg dropped his salary down to $1 in 2013, according to regulatory filings.
Zuckerberg is ranked as the #22 richest person in the world and has a wealth that totals around $27 billion, according to Bloomberg. His salary is down from a base salary of $503,2015 in 2012, which is the year that the company went public.
The tech company $1 salary trend was made popular by Apple co-founder Steve Jobs. Google co-founders Larry Page and Sergey Brin along with several others followed the trend. Zuckerberg’s shares in Facebook gives him 61.6% voting power in the social network. His net worth shot up after Facebook’s stock more than doubled in value over the last year.
Zuckerberg is using his wealth on philanthropic projects, including starting a group called Internet.org to connect people to the web that do not have access. Internet.org may even utilize drones to make it happen. Zuckerberg’s compensation last year was $653,165, which is down from $1.99 million in 2012. This amount was for passenger fees, fuel, crew, and catering costs related to flying private for personal reasons.
Zuckerberg made $3.3 billion last year after he exercised stock options to purchase 60 million shares. Zuckerberg offered 41.35 million of those shares in a secondary offering by Facebook this December. Zuckerberg said at the time that he would use the majority of the proceeds to pay for taxes in connection with the transaction. Zuckerberg also gave 18 million shares to charity.
Here is a list of what other Facebook executives generated:
- Facebook CFO David Ebersman – $10.5 million in compensation last year, $17.5 million in 2012
– Facebook VP David Fischer – $8 million in compensation last year, $12 million in 2012
– Facebook CTO Mike Schroepfer – $12.6 million in compensation last year, $20.7 million in 2012