Mark Zuckerberg Posts
Facebook CEO Mark Zuckerberg stopped by the 2014 Open Compute Summit to discuss Facebook’s Open Compute Project. Zuckerberg said that the Open Compute Project helped the social network save over $1.2 billion in infrastructure costs in the last 3 years. Facebook has added several other partners this year including Seagate, Quanta, and LSI. Zuckerberg was interviewed by Tim O’Reilly at the conference.
Jelly is a new photo-based question and answer service that was created by Twitter co-founder Biz Stone. Facebook CEO Mark Zuckerberg is one of the early users in Jelly and he used it to get help identifying a spider that he found in his bathroom.
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Snapchat CEO Evan Spiegel and Facebook CEO Mark Zuckerberg have something in common. The two of them forced out co-founders from their startups so that they could focus on building it with other co-founders. Spiegel allegedly did this with Reggie Brown and Zuckerberg did that with Eduardo Saverin. Zuckerberg saw Snapchat grow by leaps-and-bounds so he reportedly offered $3 billion to Spiegel for the company.
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Facebook CEO Mark Zuckerberg is paying $2 billion in taxes this year. This is around double from last year when he paid $1 billion due to withholding his Facebook pay. Facebook received a tax deduction for every dollar. According to Facebook company filings, Zuckerberg is selling 41.4 million shares worth around $2.3 billion. Most of the net proceeds from the sale will be used for paying taxes that Zuckerberg will incur by exercising options to purchase 60 million shares of Facebook Class B common stock, according to Forbes. Zuckerberg now has 58.8% of the voting power and the sale of the shares will bring him down to 56.1%. After the sale, Zuckerberg will retain over 444 million shares. The IRS revealed data on the the top 400 tax returns.
Zuckerberg’s net worth jumped to $13 billion when Facebook went public. His 2012 tax bill was $1.1 billion, but it wasn’t the IPO that triggered the large tax bill. When Facebook went public, Zuckerberg exercised options and bought 60 million shares of Facebook at 6 cents each. Because Zuckerberg received those options, the tax code say that he had to pay compensation on the spread when he exercised them. Zuckerberg had around $2.3 billion in income just from the options so he sold 30.2 million shares to take in $1.135 billion. Zuckerberg will be able to reduce his tax bill by donating to charity though. Zuckerberg also had Facebook pay $1.9 billion in federal taxes that were related to restricted stock units.
EducationSuperHighway, a non-profit, has raised $9 million in funding led by Mark Zuckerberg’s Startup:Education with participation from the Bill and Melinda Gates Foundation. EducationSuperHighway will be using the funding to expand their broadband-speed testing initiatives and for lobbying. EducationSuperHighway says that around 80% of public schools in the U.S. lack fast enough Internet speeds to prepare students for digital education.
Facebook Inc (NASDAQ:FB) has reported their Q3 numbers today at earnings per share of 25 cents on revenues of $2.02 billion. This beats analyst expectations of 19 cents EPS on revenues of $1.9 billion. Facebook saw strong growth on mobile revenues. Mobile revenues accounted for 49% of Facebook’s overall advertising revenues, which is a major increase of 14% in the year ago quarter.