Thursday, February 2, 2012
Zuckerberg Finally Files Facebook for IPO
Mark Zuckerberg started the company in 2004 out of his Harvard dorm room. The site now has over 700 million users which is astonishing.
Zuckerberg currently earns $500,000 annually as CEO of the company but this amount will drop to $1 in 2013 as the company goes public. It is common for CEOs of tech firms to take only 1$ as a salary and it is very smart as they pay less income tax and their shares can be sold for capital gains tax which is at a much lower rate.
The company plans to go IPO in May with Goldman Sachs being the primary underwriter in the deal. Secondary underwriters include Citigroup, JP Morgan, and others.