According to an SEC filing from 2013, it took Twitter four years to build the same number of users that Threads gained in a day – though Twitter grew its userbase from scratch, while Threads was able to tap into the pre-existing two billion monthly users Meta says Instagram has.US copyright law does not protect ideas, so for Twitter to be successful in court it would have to prove that its own intellectual property, such as programming code, was taken.
In a move first reported by news outlet Semafor, Twitter attorney Alex Spiro sent a letter to Meta CEO Mark Zuckerberg on July 5 accusing Meta of “systematic, wilful, and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” to create Threads.
Specifically, Alex Spiro alleged that Meta had hired dozens of former Twitter employees who “had and continue to have access to Twitter’s trade secrets and other highly confidential information” that ultimately helped Meta develop what he termed the “copycat” Threads app.
“Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information,” the letter says.
“Twitter reserves all rights, including, but not limited to, the right to seek both civil remedies and injunctive relief without further notice.”
Elon Musk said that “competition is fine, cheating is not” in response to a post on Twitter that referred to the legal letter.
On Threads, Meta spokesperson Andy Stone posted that “no one on the Threads engineering team is a former Twitter employee – that’s just not a thing”.
Both Elon Musk and Mark Zuckerberg have acknowledged the rivalry over Threads, which is linked to Instagram but works as a standalone app.
As it launched in 100 countries, Mark Zuckerberg broke more than 11 years of silence on Twitter to post a highly popular meme of two nearly identical Spider-Man figures pointing at each other, indicating a stand-off.
Shortly after, and as the word “Threads” trended globally on his platform, Elon Musk said: “It is infinitely preferable to be attacked by strangers on Twitter, than indulge in the false happiness of hide-the-pain Instagram.”
Following steady user growth and a dominant space in the digital advertising market ensuring revenues, Facebook’s share price climbed to $190 by February 2018.
On March 21, advertisers Mozilla and Commerzbank suspended ads on Facebook.
On March 23, Elon Musk had the official Facebook pages for his companies Tesla and SpaceX deleted.
Mark Zuckenberg tried to reassure users “the most important actions to prevent this from happening again today we have already taken years ago.”
Cambridge Analytica is at the center of a row over whether it used the personal data of millions of Facebook users to sway the outcome of the US 2016 presidential election and the UK Brexit referendum.
In Mark Zuckerberg’s online statement he offered a timeline of how Facebook’s data permission agreements with users and other companies had changed since the 2014 personality quiz app was able to scrape data from quiz takers and their contacts without their expressed permission.
In a Facebook post responding to President Trump’s criticism, the social network’s founder Mark Zuckerberg said he was striving to make “a platform for all ideas”. He said that aside from “problematic ads”, Facebook’s impact ranged from “giving people a voice, to enabling candidates to communicate directly, to helping millions of people vote”.
Mark Zuckerberg noted that both ends of the political spectrum were upset about content they disliked, and that liberals in the US had accused him of enabling President Trump’s victory.
The 33-year-old said the candidates’ campaigns had “spent hundreds of millions advertising online,” which he called “1000x more than any problematic ads we’ve found”.
Mark Zuckerberg said he regretted saying on the day Donald Trump was elected that it was “crazy” to say that misinformation on Facebook changed the election’s outcome, because it sounded dismissive.
He promised Facebook would “continue to build a community for all people” – and to “defend against nation states attempting to spread misinformation and subvert elections”.
Mark Zuckerberg’s response attracted 65,000 “likes” within two hours of being posted.
Russia has long denied any form of interference in the US election, and President Trump has railed against allegations that his staff had improper links to Russia.
However, US intelligence agencies have concluded Russia tried to sway the vote in favor of Donald Trump. Congressional committees and an FBI inquiry are currently probing the matter.
In his New Year’s resolution, Mark Zuckerberg has announced plans to spend 2017 touring the US.
The Facebook founder posted that this year’s personal challenge is to “have visited and met people in every state in the US”.
Mark Zuckerberg, 32, added that he needs to travel to about 30 states to fulfill the pledge.
His previous New Year challenges have included running 365 miles, reading 25 books and learning Mandarin.
Mark Zuckerberg’s US tour plan comes amid speculation that a future personal challenge could include running for president of the United States.
He said in a Facebook post: “After a tumultuous last year, my hope for this challenge is to get out and talk to more people about how they’re living, working and thinking about the future.
“For decades, technology and globalization have made us more productive and connected.
“This has created many benefits, but for a lot of people it has also made life more challenging. This has contributed to a greater sense of division than I have felt in my lifetime. We need to find a way to change the game so it works for everyone.”
Mark Zuckerberg added that the road trips would help him to make “the most positive impact as the world enters an important new period”.
He said: “My trips this year will take different forms – road trips with [wife] Priscilla, stops in small towns and universities, visits to our offices across the country, meetings with teachers and scientists, and trips to fun places you recommend along the way.”
In 2016, there was speculation that Mark Zuckerberg could one day launch a bid for the White House.
That was fuelled by documents showing the Facebook founder has made provisions to keep control of the company if he works for the government.
Mark Zuckerberg also said last week that he was no longer an atheist.
He posted a Christmas message, prompting someone to ask: “Aren’t you an atheist?”
Mark Zuckerberg replied: “No. I was raised Jewish and then I went through a period where I questioned things, but now I believe religion is very important.”
Mark Zuckerberg and Priscilla Chan have pledged $3 billion to fund medical research over the next decade.
At a press conference in San Francisco, the Facebook founder and his wife said their ultimate goal was to “cure, prevent or manage all diseases by the end of the century”.
The funds will be distributed by the Chan Zuckerberg Initiative, which they created in December 2015.
Tech leaders are increasingly turning their attention to health.
Earlier in the week, Microsoft said it intended to “solve” cancer by using artificial intelligence (AI) tools.
Google’s DeepMind unit is working with UK’s NHS (National Health Service) to find a way to use computers to more accurately diagnose diseases.
IBM and MIT announced a tie-up earlier this week to develop AI-based systems that could help clinicians improve the care of elderly and disabled patients.
Even so, the Chan Zuckerberg plan is marked by its ambition.
Mark Zuckerberg said that at present 50 times more money was spent on treating people who are sick than on curing the diseases that would stop them getting ill in the first place, and added that this needed to change.
The Facebook founder outlined three principles that will guide the couple’s investments:
to bring scientists and engineers together
to build tools and technology that advance research
to grow the movement to fund more science around the world
Priscilla Chan added that they had already committed $600 million to creating a new research centre called the Biohub, which will bring together engineers, computer scientists, biologists, chemists and other innovators.
The Biohub will initially work on two projects.
The first is the Cell Atlas, a “map” that describes the different types of cells that control the body’s major organs.
The second is the Infectious Disease Initiative, which will try to develop new tests and vaccines to tackle HIV, Ebola, Zika and other new diseases.
Mark Zuckerberg predicted that by 2100 the average life expectancy would be beyond 100 years.
However, he cautioned that it would take years before the couple’s fund led to the creation of new medical treatments and further time before they could be applied to patients.
Microsoft’s co-founder Bill Gates – who has funded his own health research via the Bill & Melinda Gates Foundation – appeared at the event to praise the announcement.
He described it as “very bold and ambitious” but added that “we desperately need this science”.
Mark Zuckerberg and Priscilla Chan announced in December 2015 that they planned to give away 99% of their shares in Facebook to fund good causes following the birth of their daughter.
The organization’s stated mission is to make long-term investments in work that advances human potential and promotes equality.
They had previously announced investments in education-related start-ups.
One expert said that dealing with all disease was “clearly ambitious” but added that deep-pocketed philanthropists were defined by the fact they could take such risks.
All of us are already familiar with the life of certain celebrities who decided to skip college and commit to a career that eventually made them famous. Some of these examples are Mark Zuckerberg, Steve Jobs, Oprah Winfrey, Ellen DeGeneres, Lady Gaga, Al Pacino, etc. This, of course, does not mean that after reading this text you should rush to leave your university. On the contrary, these are just tips that can be helpful in whatever life cycle you currently are.
Follow your dream
You got into a certain college because that move was expected of you or you simply thought that you can find happiness in doing a certain profession. If you happen to realize that this college and future job are not for you, you can always take a step back. This is the time to clearly analyze the situation as well as your own wishes and preferences. Focus on something that fulfils you. By doing so, you can find a completely new career that would suit you the best and change colleges. In case you’re still not ready to choose and accept that you need and deserve some more time, it’s perfectly fine to dedicate yourself to a hobby and redirect your talents to whatever feels comfortable even if it doesn’t seem profitable in the beginning.
Listen to your inner voice
Be persistent even when your immediate surroundings aren’t. Nobody got rich overnight. Work hard to achieve the goal you want. This clearly defined goal can be your secret strength and power when your enthusiasm fails you or when negative thoughts such as finding no perspective in what you do occupy your mind. If you feel it right in your gut, you’ve definitely made a right choice.
Believe in yourself
Be aware of your strengths and weaknesses and use them both to your advantage. Believing in yourself doesn’t mean that you have to negate your whole personality to make room for positive traits only. Actually, if you’re aware of your weaknesses you can make an effort to overcome them and be wary of them. Also, don’t be modest with your personal virtues. Use everything you’ve got as an advantage over the competition.
Improve yourself constantly
No one is born with the entire world’s knowledge. Just because you’ve decided that sitting in the university lectures is not for you doesn’t mean that you should give up studying. Quite the opposite. Take up a course in the area of your personal interest. That way you can meet like-minded people who can help and direct you. Also, this is a much faster way to obtain a certificate which can serve as a springboard for your future career advancement.
Do not waste time on insignificant details
You must have noticed that Steve Jobs and Mark Zuckerberg always dress the same. They decided that spending time picking clothes is only going to waste when they can use this time wisely and do something constructive at their job. If you have your own small business do both of you a favor – wear branded promotional T-shirts that you use as a promotional gift. That way you won’t have to worry about your outfit and will do some smart advertising at the same time. Be practical and don’t let little things distract you from the desired goal.
Learn to listen to your needs. If you feel constrained and stressed dare to take a step out of the comfort zone. No one knows better than you what you need at any given time. Be brave and bold. If you don’t try to move, you increase the risk of depression. Do what it takes to get up in the morning with a big smile and in good spirits. Change yourself and your environment in a positive way and be an example to others that anything is possible.
Mark Zuckerberg has announced he is planning to build artificial intelligence (AI) to help him around the house and with his work.
In a Fecebook post, the social media site founder said his personal challenge in 2016 would be to build a “simple AI” similar to the butler Jarvis from Iron Man.
Mark Zuckerberg says he plans to share his progress over the course of the year.
In December 2015, he made headlines for plans to give away 99% of his Facebook stake.
Mark Zuckerberg had to defend his philanthropic venture – launched to celebrate the birth of his daughter Maxima Chan Zuckerberg – after critics argued that it could provide a way for the founder to avoid paying tax on the sale of his shares.
On January 4, Mark Zuckerberg said he would start to build the AI with technology that is already out there and teach it to understand his voice to control everything in his home from music and lights to temperature.
“This should be a fun intellectual challenge to code this for myself,” he said.
“I’ll teach it to let friends in by looking at their faces when they ring the doorbell,” Mark Zuckerberg added.
“I’ll teach it to let me know if anything is going on in Max’s room that I need to check on when I’m not with her.”
For Facebook, Mark Zuckerberg added that the system would help him visualize data in virtual reality and help him build better services, as well as lead his company.
His announcement comes as Facebook is in the midst of AI initiatives such as building an assistant through its Messenger app for users.
The Facebook founder said a part of the motivation behind 2016 challenge was the reward of building things yourself.
Mark Zuckerberg’s previous personal challenges have included learning Mandarin, reading two books a month and meeting a new person every day.
Mark Zuckerberg has defended the unusual company structure chosen for the eye-catching philanthropic venture launched to celebrate the birth of his daughter, Max.
He will give away 99% of his stake in Facebook, worth $45 billion, to fund the Chan Zuckerberg Initiative.
Rather than set up a simple charity, the Facebook founder formed a limited liability company (LLC) to administer the money.
An LLC brings certain tax exemptions but also allows investment for profit.
Critics have said the structure of the Chan Zuckerberg Initiative could provide a way for Mark Zuckerberg to avoid paying tax on the sale of his shares. They have also questioned why he did not set up a not-for-profit charity instead.
An LLC allows Mark Zuckerberg to keep hold of the voting and allocation of the shares he puts into it.
In a Facebook post on December 3, Mark Zuckerberg explained his reasons for creating an LLC instead of a not-for-profit organization and said he and his wife, Priscilla Chan, will pay capital gains taxes when their shares are sold by the company.
“By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively,” he said.
“In fact, if we transferred our shares to a traditional foundation, then we would have received an immediate tax benefit, but by using an LLC we do not.
“And just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC,” Mark Zuckerberg added.
The new charitable organization is aimed at “advancing human potential and promoting equality for all children in the next generation”.
Mark Zuckerberg and Priscilla Chan’s shares will be donated over the course of their lives. They have already committed $1.6 billion to philanthropic causes according to a Facebook statement.
Mark Zuckerberg and Priscilla Chan have announced they will give away 99% of their Facebook shares to good causes as they welcomed the birth of their daughter Max.
The new father made the announcement in a letter to daughter Max on his Facebook page.
Mark Zuckerberg said they are donating their fortune to the Chan Zuckerberg Initiative because they want to make the world a better place for Max to grow up in.
The donation amounts to $45 billion at Facebook’s current value.
However, the shares will not be donated to charity immediately, but over the course of the couple’s lives.
Max Zuckerberg was born last week, although her birth was only made public on December 1.
In his letter, the Facebook founder said the aim of the Chan Zuckerberg Initiative is “to advance human potential and promote equality for all children in the next generation”.
Chan Zuckerberg Initiative’s initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities.
“Your mother and I don’t yet have the words to describe the hope you give us for the future,” Mark Zuckerberg said at the start of his letter to Max.
“You’ve already given us a reason to reflect on the world we hope you live in,” it added.
The letter highlighted the important role of technology in achieving the couple’s goals of advancing human potential and equality.
“Many of the greatest opportunities for your generation will come from giving everyone access to the internet,” Mark Zuckerberg wrote to his daughter.
The Facebook CEO said more details about the donation will be released once he and Priscilla Chan return from paternity and maternity leave.
Mark Zuckerberg, who Forbes estimate is worth some $46.8 billion, said he will remain chief executive of Facebook for “many, many years to come”.
In a filing to the US Securities and Exchange Commission, Facebook said that Mark Zuckerberg “plans to sell or gift no more than $1 billion of Facebook stock each year for the next three years and that he intends to retain his majority voting position…for the foreseeable future”.
Facebook CEO Mark Zuckerberg and his wife Priscilla Chan have welcomed baby girl Max.
Max Zuckerberg was born last week, although her birth was only made public on December 1.
Mark Zuckerberg has made the announcement in a Facebook post, accompanied by a Facebook Notes letter to the new little lady in his life.
In the letter, Mark Zuckerberg writes that he and Priscilla Chan will donate 99% of their Facebook shares – currently about $45 billion – over the course of their lives “to join many others in improving this world for the next generation”.
The new parents have also launched the Chan Zuckerberg Initiative, which has the broad mission of “advancing human potential” but will focus specifically on personalizing learning, curing disease, connecting people, and building strong communities.
In the letter, Mark Zuckerberg also laid out his vision for the world he hopes Max will inherit, a world in which Facebook plays an increasingly central role.
The letter covers Mark Zuckerberg’s passion for giving the world access to the Internet and the investments he and Priscilla Chan have made in education, and it paints a rosy view of a world that has felt utterly grim:
“While headlines often focus on what’s wrong, in many ways the world is getting better. Health is improving. Poverty is shrinking. Knowledge is growing. People are connecting. Technological progress in every field means your life should be dramatically better than ours today. We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation.”
Mark Zuckerberg has announced he will take two months of paternity leave after the birth of his daughter.
The Facebook chief executive made the announcement on his timeline, calling it “a very personal decision”.
Mark Zuckerberg wrote: “Priscilla and I are starting to get ready for our daughter’s arrival. We’ve been picking out our favorite childhood books and toys. We’ve also been thinking about how we’re going to take time off during the first months of her life. This is a very personal decision, and I’ve decided to take 2 months of paternity leave when our daughter arrives.”
Facebook allows its US employees to take up to 4 months of paid parental leave – time which can be used at once or throughout the child’s first year.
Mark Zuckerberg, 31, announced in July that he was expecting a baby girl with his wife, Priscilla Chan.
The Facebook founder did not say who would be replacing him at the company.
In his statement, accompanied by a picture of a pushchair and his dog, Mark Zuckerberg said: “Studies show that when working parents take time to be with their newborns, outcomes are better for the children and families.”
Facebook posted a slower revenue growth in the first quarter of 2015 with a profit of $512 million, down 20% on a year earlier.
Revenue rose 42% to $3.5 billion, a figure slightly below analysts’ forecasts.
A bright spot was the rise in monthly active users, up 13% from a year earlier to 1.44 billion.
Notably, for those investors concerned about the company’s efforts to appeal to younger users who access Facebook on their smartphones, monthly mobile users increased by 24% to 1.25 billion, a majority of the site’s users.
Facebook has been particularly adept at channeling that growing mobile user base into advertising dollars. The company said that during the quarter, revenue from mobile ad sales made up nearly three-quarters of total ad sales.
Investors have been worried about slowing revenue growth, as well as increasing costs at the company. Facebook has been spending more on research and development as it moves beyond its original social networking operation.
Spending on research and development jumped to $566 million from $181 million a year earlier.
Facebook has warned that those costs are set to increase, as it looks to expand some of its acquisitions including photo-sharing site Instagram, messaging service WhatsApp, and virtual reality company Oculus Rift.
Mark Zuckerberg has announced that Facebook may add a way to “dislike” posts on the social network.
Speaking at a Q&A session in California, Mark Zuckerberg said it was one of the most requested features the social network receives from its users.
The social network’s co-founder said the site would need to find a way to make sure it did not become a way to demean people’s posts.
According to Facebook’s own figures, 4.5 billion “likes” are generated every day.
“One of things we’ve thought about for quite a while is what’s the right way to make it so that people can easily express a broader range of emotions,” Mark Zuckerberg told an audience at Facebook’s headquarters.
“A lot of times people share things on Facebook that are sad moments in their lives. Often people tell us that they don’t feel comfortable pressing <<Like>> because <<Like>> isn’t the appropriate sentiment.
“Some people have asked for a dislike button because they want to say, <<That thing isn’t good.>> That’s not something that we think is good for the world.
“The thing that I think is very valuable is that there are more sentiments that people want to express.”
Facebook’s “Like” button has been criticized as being a method by which the social network collects data on its users’ browsing habits.
The system has also come under fire due to a high volume of “fake Likes” – when the popularity of a brand or piece of content is inflated artificially.
Facebook has moved to combat the trade of so-called “Like farming” – businesses that, for a price, will provide a huge number of likes quickly. This will be via automated robots, or by a network of humans paid a tiny sum for each click.
Facebook has initiated legal action against companies offering “fake Likes” or other bogus business practices on the social network.
Facebook founder Mark Zuckerberg has reportedly bought two adjacent chunks of land in Hawaii for more than $100 million.
Mark Zuckerberg bought part of Kauai, the fourth largest of the Hawaiian islands, Forbes magazine reported.
The 700 acres on the north shore of the island includes Pila’a Beach – an isolated 393-acre swathe of land with a pristine white sand beach – and the adjacent 357-acre Kahu’aina Plantation, and an organic farm reports the Daily Mail.
Mark Zuckerberg has reportedly bought two adjacent chunks of land in Hawaii for more than $100 million
The Pila’a Beach property consists of five separate parcels, each which could be developed into private homes.
However, according to Forbes, Mark Zuckerberg, 30, plans to build just one home.
Facebook chief executive plans to create a private getaway for his family but the beach will have to remain open to public as the state has no private stretches of sand.
Mark Zuckerberg, who is worth around $33 billion, is the second Silicon Valley billionaire to buy up part of Hawaii, reports the Telegraph.
Mark Zuckerberg has revealed he has called President Barack Obama to “express frustration” over US digital surveillance.
The 29-year-old Facebook founder said in a blog post the US government “should be the champion for the internet, not a threat”.
Mark Zuckerberg’s comments come a day after a report the NSA imitated a Facebook server to infect surveillance targets’ computers.
The NSA said the report was “inaccurate”.
Mark Zuckerberg said in September that the US “blew it” on internet spying.
He wrote on Thursday “it seems like it will take a very long time for true full reform”.
“When our engineers work tirelessly to improve security, we imagine we’re protecting you against criminals, not our own government,” Mark Zuckerberg said in his blog post.
“The US government should be the champion for the internet, not a threat.
Mark Zuckerberg has revealed he has called President Barack Obama to “express frustration” over US digital surveillance
“They need to be much more transparent about what they’re doing, or otherwise people will believe the worst.”
The NSA’s activities were leaked by a former contractor for the agency, Edward Snowden, last year.
Edward Snowden’s leaks have pointed to the NSA collecting phone records, tapping fiber-optic cables that carry global communications and hacking networks.
According to the documents, the agencies had “backdoor” access to the servers of nine major technology companies including Microsoft, Yahoo, Google, Facebook, PalTalk, AOL, Skype, YouTube and Apple.
All the companies named have denied their involvement.
The NSA called the latest claims, that it expanded surveillance by using malware, “inaccurate”.
The agency said in a statement: “The NSA uses its technical capabilities only to support lawful and appropriate foreign intelligence operations, all of which must be carried out in strict accordance with its authorities.”
White House spokeswoman Caitlin Hayden confirmed that the president spoke with Mark Zuckerberg on Wednesday evening regarding “recent reports in the press about alleged activities by the US intelligence community”. She gave no further comment.
In his latest blog post, Mark Zuckerberg said that to keep the internet strong, “we need to keep it secure”.
The European launch of HTC First, aka Facebook smartphone, has been delayed following disappointing US sales and negative feedback.
The HTC handset runs Facebook’s enhanced Home software, designed to be more integrated into the smartphone than a normal app.
First’s delay follows a raft of high-profile employee departures from HTC.
In recent months, chief product officer Kouji Koudera, Asian chief executive Lennard Hoornik and the firm’s director of global communications Jason Gordon have all departed.
Five other senior figures have also left the company.
Signs of discontent were played out in public when Eric Lin, an ex-HTC product strategy manager, tweeted: “To all my friends still at @HTC – just quit. Leave now.
“It’s tough to do, but you’ll be so much happier, I swear.”
Eric Lin had left HTC in February to join Microsoft-owned Skype.
The European launch of HTC First, aka Facebook smartphone, has been delayed following disappointing US sales and negative feedback
Despite being one of the industry’s top players several years ago, the smartphone maker’s market share has fallen sharply and its income fell to the lowest level in eight years towards the end of 2012.
Mark Zuckerberg launched Home on the promise it would “change the relationship” people have with their phones.
The free-to-download software effectively replaces the phone’s home screen with a Facebook feed and chat options.
It was initially exclusively available on HTC’s First smartphone, before being rolled out to a selection of other Android-powered handsets.
HTC had hoped the Facebook deal would boost sales of the First device, but the handset has since been heavily discounted – and dropped by AT&T, the biggest US mobile network.
In a statement, Facebook said it had been listening to users’ “experiences” of the software.
“While many people love it, we’ve heard a lot of great feedback about how to make Home substantially better.
“As a result we’re focusing the next few months on adding customization features that address the feedback we received.
“While we focus on making Home better, we are going to limit supporting new devices and think it makes a lot of sense for EE and Orange to hold off deploying the HTC First in Europe.”
Frugal billionaire Mark Zuckerberg continues to enjoy his budget holiday in Hawaii with his wife Priscilla Chan, while it has been revealed he is even richer than previously thought.
Mark Zuckerberg, 28, gained $2.3 billion from selling 60 million stock options just before Facebook’s initial public offering last year.
Facebook’s CEO and his Harvard-educated doctor wife are also rumored to be on the lookout for real estate in Hawaii.
Despite his latest windfall, sport-shorts wearing Mark Zuckerberg remains focused on the simple things in life. Rather than indulging in lavish dinners and extravagant outings, he has been spotted eating burgers and surfing in recent days.
Mark Zuckerberg isn’t the first frugal billionaire, Warren Buffet is another who would prefer to keep his wealth in the bank rather than spend it on extravagant purchases. He famously still lives in the same modest home he bought in 1958 for $31,500.
Facebook’s CEO has another reason to keep his vacation cheap and cheerful. According to regulatory documents filed Friday, he has also been saddled with a massive $1.1 billion tax bill. Money he raised by selling 30.2 million Facebook shares for $38 apiece in the IPO.
Frugal billionaire Mark Zuckerberg continues to enjoy his budget holiday in Hawaii with his wife Priscilla Chan, while it has been revealed he is even richer than previously thought
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% 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 owned as of March 31, according to the regulatory filing. His current stake is still worth $16.4 billion.
Mark Zuckerberg, who started Facebook in his Harvard University dorm room in 2004, has indicated he has no immediate plans to sell more stock.
The proxy statement filed to announce Facebook’s June 11 shareholder meeting is the first time that the magnitude of Mark Zuckerberg’s stock option gain had been quantified.
The proxy also revealed that Mark Zuckerberg’s pay package last year rose 16% because of increased personal usage of jets chartered by the company as part of his security program.
Mark Zuckerberg’s compensation last year totaled nearly $2 million, up from $1.7 million last year. Of those amounts, $1.2 million covered the costs of his personal air travel last year, up from $692,679 in 2011.
If not for the spike in travel costs, Mark Zuckerberg’s pay would have declined by 17%. His salary and bonus totaled $769,306 last year versus $928,833 in 2011.
But despite being worth $13.3billion, Mark Zuckerberg enjoys life’s simple pleasures. Earlier this week he and his wife were spotted chatting with friends at picnic tables while snacking on Kauai’s famous Bubba burgers and smoothies.
The couple, who are notoriously down-to-earth, sported casual wear and Mark wore his now-famous sandals, which are parodied by Jesse Eisenberg in the film about Facebook, The Social Network.
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