Mark Zuckerberg's estimated fortune took a tumble after Facebook's earnings report. He's now $1.6 billion poorer.
Mark Zuckerberg has renounced his six-figure salary for $1 a year. But don't feel sorry for the Facebook founder because he cashed in $2.3 billion of stock last year.
The $- a-year salary was announced in a security filing late last week, which mentioned that Zuckerberg was giving up his $500,000 base salary for his new pittance. However, he did receive $1.9 million in compensation last year, according to Business Insider. Facebook second-in-command Sheryl Sandberg received $26.2 million in compensation and cashed out $822 million.
We reported that Zuckerberg made $13 billion on the Facebook IPO last year, and then sold shares to pay his $1.1 billion tax bill, so he's obviously not hurting or having a less than lavish lifestyle.The $1 a year salary, however, is a symbolic gesture that brings to mind Apple's former chief executive Steve Jobs or Google's Larry Page and Sergey Brin.
While $1 sounds low, Zuckerberg will also still have plenty of perks, including access to corporate jets, which cost Facebook $1.2 million in 2012, according to Quartz.