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Thursday, 02 February 2012 00:57

Mark Zuckerberg to receive $1 salary in 2013

Written by Jon Worrel

facebook

Following in the footsteps of Steve Jobs

Mark Zuckerberg, Founder and CEO of Facebook who just recently became the largest shareholder at 28.2-percent of the soon-to-be-public company, has managed to find another way to follow in the footsteps of his aspiring mentor and late friend Steve Jobs.

According to Facebook's S-1 filing for its $5 billion initial public offering (IPO), Zuckerberg requested that his base salary be reduced to $1 per year, effective January 1, 2013. As journalists reported last year, the grand visionary and founder of Apple Inc. who lost his bout with pancreatic cancer on October 5, 2011 also had an annual salary of $1.

steve jobs mark zuckerberg

Of course, this single-digit number holds no significant meaning to Zuckerberg's mountain of fortunes. For if the company is able to raise money at a high-end valuation of $100 billion dollars, Zuckerberg's 28.2-percent share would be worth approximately $28 billion. In other words, a net worth of $28 billion would place 27-year old Zuckerberg at the number nine spot in Forbes Magazine's rich list, following technology luminaries Bill Gates and Larry Ellison.

Nevertheless, the company's S-1 filing also lists $783,529 in "other compensation" for Zuckerberg, which includes $692,679 for "costs related to personal use of aircraft chartered in connection with his comprehensive security program and on which family and friends flew during 2011."

Facebook's S-1 filing as publicized by the United States Securities and Exchange Commission can be found here.

Jon Worrel

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