Zuckerberg to receive $1 salary in 2013

Zuckerberg to receive $1 salary in 2013Mark Zuckerberg, the young founder of Facebook, was paid $1 in salary for 2013, according to a regulatory filing with the US Securities and Exchange Commission.

The chief executive of the world's largest social networking site is the 22nd richest person in the world, according to Bloomberg Billionaires Index.  Zuckerberg had received a salary of $503,205 in 2012 but decided to follow the example set by many and took just a dollar as salary during the previous year.

Steve Jobs helped popularise the concept of 1 dollar salary among the Silicon Valley majors after they were already wealthy.  The practice is adopted by Google co- founders Larry Page and Sergey Brin among many others.  The founders and chief executives have significant shareholdings in the company.  Zuckerberg has a total wealth of around $27 billion and he owns Facebook shares that allow him to have a 61.6 per cent of voting power in the company.

His wealth rose significantly in the previous year as Facebook's stock more than doubled in value.  Mr Zuckerberg's total compensation in the previous year was $653,165, down from $1.99 million in 2012.  He also earned $3.3 billion in the previous year after exercising stock options to purchase 60 million shares in the company.