Mark Zuckerberg is joining the $1 a year salary club. Following Facebook’s $5 billion IPO filing, it was revealed in the Facebook S1 the CEO would drop his salary starting January 1, 2013. Compare that with the $1.5 million he made last year – which included salary, bonus and other compensations – and Zuck’s paycheck is taking quite the cut.
The decision won’t make much of a difference, though, as Zuckerberg’s real riches lie in his Facebook stake. The CEO currently holds a 28.2 percent stake in the company, which, at a valuation of $75-$100 billion, would leave the 27 year-old with around $28 billion.
However, neither the 28 percent stake nor the valuations seem to be the Facebook CEO’s focus. Buried deep in the social network’s 209 page IPO is an earnest letter from Zuckerberg, giving the world a glimpse at how he views Facebook, and how he’s still committed to creating a more connected and open world.
Facebook aspires to build the services that give people the power to share and help them once again transform many of our core institutions and industries. Simply put: we don’t build services to make money; we make money to build better services.
Other high-profile figures in the $1 salary club include Eric Schmidt, Larry Page, Sergey Brin and the late Steve Jobs.