Cited: CNN
News of the impending IPO for the social media giant is all over the market and you know what they say about where there is smoke there is likely to be something smoldering somewhere. So, with the inevitable public offering of Facebook also comes the speculation about just exactly how much will Mark Zuckerberg be worth when all is said and done. There is little doubt that he will be a billionaire but just how big is yet to be determined.
And now with the billions probably comes a tax bill for the young social media mogul that could shatter all other recorded tax bills to date. Speculation so far has Zuckerberg being stuck with a bill of over $2 billion after his expected windfall from the Facebook IPO.
Currently the Facebook chief owns 414 million shares of the company but he also holds options on another 120 million shares that he can exercise for the bargain basement price of 6 cents per share. He will likely exercise this option for obvious reasons and also to help pay some of the tax bill that he’ll be getting after the IPO.
Zuckerberg’s options alone are worth somewhere in the neighborhood of $3billion if valued at the $29.73 posted in the Facebook IPO paperwork, but industry experts say that the stock will sell for a much bigger premium, close to $40, when they hit the market, making the options worth approximately $5 billion.
The company is expected to be worth somewhere in the area of $100 billion after the shares hit the market, making Zuckerberg and a few lucky others very wealthy people.
Zuckerberg said that he plans to only sell enough of his shares and options in Facebook to cover his tax liability because he is notoriously guarded about giving up any control of his company, or at least too much control of it. So while he will indeed add to the government’s tax take and probably be at the top of the list of those 1% of the wealthiest Americans that pay almost $19.6 billion in taxes, most of his wealth will remain paper wealth in the form of his shares in the company.
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My take:
The incredible story that is Facebook and Mark Zuckerberg goes on and on. Imagine having a $2 billion tax bill to worry about. My God it just defies belief. This will be a tale that goes on for quite some time and frankly I still don’t get it.
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