A Thousand Millionaires Overnight
February 10th 2012 Posted at Websites
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The people who were behind Facebook from the very start have been richly rewarded when the social networking leader went public. The IPO has catapulted the value of FB at almost $100 billion and those who had stock options found themselves richer by several hundred million dollars.
Here is the rest of the articles from Yahoo News.
Facebook Co-Founder Mark Zuckerberg, 27, is slated to become one of the richest people in the world with a personal fortune of at least $28 billion. His salary will be cut to $1 from $1.48 million last year, effective Jan. 1, 2013.
Facebook Chief Operating Officer Sheryl Sandberg, who made $30.8 million last year, will enter the billionaire’s club for the first time and early Facebook investors like Peter Thiel and venture capital firm Accel Partners are both expected to net profits in the billions.
Even Facebook’s biggest foes – Tyler and Cameron Winklevoss – will become richer, thanks to the 1.2 million shares they own, part of the settlement deal they agreed to after suing Zuckerberg for stealing their idea. (Have you seen The Social Network?) Zuckerberg dropped out of Harvard to concentrate on expanding Facebook, which he started with a few friends in his sophomore college dormitory eight years ago. Facebook has 845 million users worldwide.
The New York Times profiled graffiti artist David Choe as one example of how Facebook’s public offering will change the lives of thousands of people. Choe was hired to paint murals on the walls of Facebook’s Palo Alto office in 2005; instead of taking cash as payment, he accepted several hundred stock options. Those shares could be now worth north of $200 million.
Zuckerberg’s father Edward, a dentist in New York, will also greatly benefit from the IPO. He was given two million shares “in satisfaction of funds provided for our initial working capital,” according to Facebook’s S-1 filing.
One person left out of the Facebook filing is estranged Co-Founder Eduardo Saverin. Zuckerberg’s former best friend and roommate, and the one who provided the company’s early financing, Salverin has sold a majority of his stake (worth five percent) of the company on the secondary market.
Wow! I think Zuckerberg is really brilliant. I wonder though if his sister, Randi Zuckerberg, who resigned from the company last year, will also be getting something from this?