Mark Zuckerberg will manage to top his earnings of last year and bag the highest paid CEO tag again this year. The Facebook creator will be selling 41 million shares to help pay his taxes, according to New York Post.
Last year, Zuckerberg earned a whopping $2.3 billion. This year, he has managed to top that and will again be named the highest paid CEO ever. According to calculations made by The New York Post, Zuckerberg earned more than $3.3 billion this year.
"I think there's very little doubt that he will be the highest-paid CEO again this year," said Greg Ruel, senior research analyst for GMI Ratings.
Business Standard revealed that the Facebook titan will be selling 41 million of his shares to help pay his taxes. The current tax amount Zuckerberg is liable to pay is $39.1 million and selling these shares along with 27 million Facebook shares will help him raise the money.
In a press statement that was released Thursday, the social networking site revealed that its Class A shares will primarily be offered to index funds whose portfolios are based on stocks included in the S&P 500. At the close of trading on December 20, 2013, Facebook will join that index.
"Facebook intends to use the net proceeds of the offering for working capital and other general corporate purposes. Facebook will not receive any proceeds from the sale of shares by the selling stockholders," the press release stated. "Facebook expects that the majority of the net proceeds Mr. Zuckerberg will receive upon the sale of shares in the offering will be used to satisfy taxes that he will incur in connection with his exercise, in full, of an outstanding stock option to purchase 60,000,000 shares of Class B common stock."
After the sale, Zuckerberg's existing 58.8 percent voting power will come down to 56.1percent. He will still own more than 444 million shares of his company after the sale is complete.
