Zuckerberg reaped $2.3 bn on Facebook stock options: report# Stock
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From ASSOCIATED PRESS
Last Updated: 7:51 PM, April 26, 2013
SAN FRANCISCO — Facebook CEO Mark Zuckerberg reaped a gain of nearly $2.3
billion last year when he exercised 60 million stock options just before the
online social networking leader's initial public offering.
The windfall detailed in regulatory documents filed Friday saddled
Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by
selling 30.2 million Facebook Inc. shares for $38 apiece, or $1.1 billion,
in the IPO.
Facebook's stock hasn't closed above $38 since the IPO was completed last
May. The shares gained 71 cents Friday to close at $26.85.
The 29 percent decline from Facebook's IPO price has cost Zuckerberg nearly
$7 billion on paper, based on the 609.5 million shares of company stock that
he owned as of March 31, according to the regulatory filing. His current
stake is still worth $16.4 billion.
Zuckerberg, who started Facebook in his Harvard University dorm room in 2004
, has indicated he has no immediate plans to sell more stock.
The exercise of Zuckerberg's stock options and his subsequent sale of shares
in the IPO had been previously disclosed. The proxy statement filed to
announce Facebook's June 11 shareholder meeting is the first time that the
magnitude of Zuckerberg's stock option gain had been quantified.
The proxy also revealed that Zuckerberg's pay package last year rose 16
percent because of increased personal usage of jets chartered by the company
as part of his security program.
Zuckerberg's compensation last year totaled nearly $2 million, up from $1.7
million last year. Of those amounts, $1.2 million covered the costs of
Zuckerberg's personal air travel last year, up from $692,679 in 2011.
If not for the spike in travel costs, Zuckerberg's pay would have declined
by 17 percent. His salary and bonus totaled $769,306 last year versus $928,
833 in 2011.
The Associated Press formula for determining an executive's total
compensation calculates salary, bonuses, perquisites, above-market interest
that the company pays on deferred compensation and the estimated value of
stock and stock options awarded during the year. The AP formula does not
count changes in the present value of pension benefits or stock option gains
such as those recognized by Zuckerberg did last year.
Last Updated: 7:51 PM, April 26, 2013
SAN FRANCISCO — Facebook CEO Mark Zuckerberg reaped a gain of nearly $2.3
billion last year when he exercised 60 million stock options just before the
online social networking leader's initial public offering.
The windfall detailed in regulatory documents filed Friday saddled
Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by
selling 30.2 million Facebook Inc. shares for $38 apiece, or $1.1 billion,
in the IPO.
Facebook's stock hasn't closed above $38 since the IPO was completed last
May. The shares gained 71 cents Friday to close at $26.85.
The 29 percent decline from Facebook's IPO price has cost Zuckerberg nearly
$7 billion on paper, based on the 609.5 million shares of company stock that
he owned as of March 31, according to the regulatory filing. His current
stake is still worth $16.4 billion.
Zuckerberg, who started Facebook in his Harvard University dorm room in 2004
, has indicated he has no immediate plans to sell more stock.
The exercise of Zuckerberg's stock options and his subsequent sale of shares
in the IPO had been previously disclosed. The proxy statement filed to
announce Facebook's June 11 shareholder meeting is the first time that the
magnitude of Zuckerberg's stock option gain had been quantified.
The proxy also revealed that Zuckerberg's pay package last year rose 16
percent because of increased personal usage of jets chartered by the company
as part of his security program.
Zuckerberg's compensation last year totaled nearly $2 million, up from $1.7
million last year. Of those amounts, $1.2 million covered the costs of
Zuckerberg's personal air travel last year, up from $692,679 in 2011.
If not for the spike in travel costs, Zuckerberg's pay would have declined
by 17 percent. His salary and bonus totaled $769,306 last year versus $928,
833 in 2011.
The Associated Press formula for determining an executive's total
compensation calculates salary, bonuses, perquisites, above-market interest
that the company pays on deferred compensation and the estimated value of
stock and stock options awarded during the year. The AP formula does not
count changes in the present value of pension benefits or stock option gains
such as those recognized by Zuckerberg did last year.