Facebook CEO reaped $2.3B gain on stock optionsApril 26, 2013 @ 4:25 pm
SAN FRANCISCO (AP) - 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 the 28-year-old Zuckerberg 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 still owns. His current stake is still worth $16.4 billion.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Dori Monson is not surprised that a study says Seattle drivers are some of the worst
Farewell, Erotic Bakery
The owner of Seattle's Erotic Bakery is retiring - leaving bachelorette parties in a bind
Wilson & Kaepernick share this week's SI cover, so we decided to compare their offseasons
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.