Mark Zuckerberg Slashes His Salary To $1 But ...
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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Pam is the editor-in-chief of AOL Jobs.