It has been confirmed that Facebook founder and CEO Mark Zuckerberg will be taking a $1 salary this year, and will be foregoing any bonuses, as well.
Zuckerberg can afford the pay cut, after cashing out on $2.3 billion worth of Facebook stock options before the company’s initial public offering last April.
Zuckerberg still holds another 60 million stock options he can exercise on November 7th, 2015.
“We don’t wake up in the morning with the primary goal of making money,” Zuckerberg said, something speaking to his drive to do something greater than merely make money.
Zuckerberg is not the first tech CEO to opt for the $1 salary, as Steve Jobs famously took the same pay annually starting in 1998, when he returned to the company as CEO.
In 2005, Google cofounders Larry Page and Sergey Brin along with then-CEO Eric Schmidt all took the massive pay cut, minimizing their compensation to $1.
New York City Mayor Michael Bloomberg takes away 93 cents per year for his mayoral duties, with 6 cents going to Social Security and 1 cent going to Medicare of his $1 salary.
This salary equates to 1.9 cents per week, and serves as more of a symbol than it does as monetary compensation.
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