Mark Zuckerberg Slashes His Salary To $1 But ...

Mark Zuckerberg, beloved CEO It's perhaps the ultimate status symbol in Silicon Valley: You're so rich, so successful, you voluntarily slash your salary to nothing. Mark Zuckerberg, Facebook billionaire, just joined that club. SEC filings show that in 2013, he will earn just $1, according to the Silicon Valley Business Journal.

Starting in January 2013, Zuckerberg, 28, cut his salary to $1 and agreed not to take an annual performance bonus, either, the Silicon Valley Business Journal reports. Of course, Zuckerberg -- estimated to be worth $13 billion -- will not exactly miss the salary. As The Telegraph reports, Zuckerberg earned almost $2.3 billion last year by cashing in stock options at precisely the right time -- shortly before Facebook's stock price took a nosedive after its much-maligned public offering.

The SEC filing also revealed that Zuckerberg's total compensation rose last year by 16 percent because of his use of company jets.

As Quartz notes, Zuckerberg joins a long list of insanely rich Silicon Valley entrepreneurs who take $1 salaries because they're sitting on piles of stock. On the list: Apple founder Steve Jobs, Google co-founders Larry Page and Sergey Brin, Oracle's Larry Ellison and Zynga's Mark Pincus. Yahoo's Jerry Yang was making $1 in salary before he was forced out.

The $1 trend, however, has done nothing to lessen the growing income inequality in the United States. The average CEO pay is $12.3 million, compared to just $34,645 for the average worker, according to an AFL-CIO analysis of Department of Labor data. That means your average American worker would need to log about 360 years and 10 months to earn the same as a Fortune 500 CEO in one year.

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Dada Shark

It works this way. If you spend your short life gathering wealth by immoral methods you get to spend eternity watching other people spending it.

May 18 2013 at 11:45 AM Report abuse +1 rate up rate down Reply
Dada Shark

The one thing we know about Mark is that he has absolutely no morals. I would guess that Mark is taking a $1 sallary so he doesnt have to pay social security and income tax. With the recent admission of the IRS to political attacks on conservitifes it seems that political contributions have immunized him against IRS attacks. Why doesnt anyone get excited when a rich Demcorat avoids taxes?

May 18 2013 at 11:33 AM Report abuse +2 rate up rate down Reply
careyshipper

its another scam for them to avoid taxes and make us pay there bills by gov raising taxes to us.

May 18 2013 at 10:07 AM Report abuse rate up rate down Reply
Ava

These articles are dumb. Because of the greed associated with Zuckenberg and FB the stock has collapsed and I and others have lost money having been conned into buying this.

April 30 2013 at 11:55 AM Report abuse rate up rate down Reply
Bob

I would have been more impressed if he had taken his salary and donated it to a worthy cause like meals on wheels or wounded warriors.

April 30 2013 at 9:18 AM Report abuse +4 rate up rate down Reply
1 reply to Bob's comment
Dada Shark

He gave at the White House.

May 18 2013 at 11:34 AM Report abuse +1 rate up rate down Reply
S321Saint

What stupidity that people actually believe that cutting his "salary" to $1 changes anything? Just like Warren Buffett a few years ago during a Presidential campaign tried to make himself look altruistic by telling everyone he "only" gets so much in salary compared to the lowest of his employees salary. The difference is, if Warren's daugther wrecks the car, he just goes into another account and buys another one....meanwhile if the same thing happened to that employee...either pull from retirement savings or cut back on entertainment, food and such .

April 30 2013 at 7:06 AM Report abuse +1 rate up rate down Reply
1 reply to S321Saint's comment
Dada Shark

You are talking over the heads of most of the people on this page.

May 18 2013 at 11:40 AM Report abuse rate up rate down Reply
syl118

Yes, he's rich, he made it on his merits and I for one do not begrudge him his wealth. It is a nice gesture on his part. Didn't have to do it at all. I hope in my next life I am as brilliant and/or creative as he and others like him :)

April 30 2013 at 6:02 AM Report abuse -4 rate up rate down Reply
2 replies to syl118's comment
Dada Shark

He made it by swindling his partners.

May 18 2013 at 11:36 AM Report abuse +2 rate up rate down Reply
Dada Shark

Al Capone made his on his merits also. In fact, his Chicago organization has survived to this day and is now in control of the White House. We have to admire such genious

May 18 2013 at 11:42 AM Report abuse +1 rate up rate down Reply
bandy4321

He did this so his tax rate will be lower. The same with Warren Buffet. P;ain and simple. Oh those evil rich people. Follow the money!

April 30 2013 at 4:21 AM Report abuse +1 rate up rate down Reply
cslinz62

Hey Mark, have your peeps check into why my 3 wk. old account got blocked. I haven't made my 1st friend on FB yet & you guys are requesting that I send you a copy of my govt. issued I.D. Seriously? None of my friends that have been on FB for years ever even heard of something like this. But yep, it happened to ME. I always said I'm not FB material but I caved just to make all my friends happy. Now after a measley 3 wks., you guys block me for NO reason. Let me back in to my account long enough so I can just de-activate it if nothing else.

April 30 2013 at 1:43 AM Report abuse rate up rate down Reply
Velocity105

I suppose these people really have good reason to be so far ahead on income. It's not like Zuckerberg sat on his hands for 10 years and did nothing. He's very creative and intelligent and has done quite a bit to increase the value of his company (unfortunately wearing hoodies and mining users privacy aren't one of them). I think CEO's are overcompensated as a rule, they are employees after all and though they have a role in how well the company does, so do the employees that make it all work.

April 30 2013 at 1:41 AM Report abuse -1 rate up rate down Reply

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