It's perhaps the ultimate status symbol in Silicon Valley: You're so rich, so successful, you voluntarily slash your salary to nothing. Mark Zuckerberg, Facebook Inc. (FB) billionaire, just joined that club. Securities and Exchange Commission filings show that in 2013, he will earn just $1, according to the Silicon Valley Business Journal.
Starting in January, Zuckerberg, 28, cut his salary to $1 and agreed not to take an annual performance bonus, either, the Silicon Valley Business Journal reports. Of course, Zuckerberg -- estimated to be worth $13 billion -- will not exactly miss the salary.
As Quartz notes, Zuckerberg joins a long list of insanely rich Silicon Valley entrepreneurs who take $1 salaries because they're sitting on piles of stock. On the list: Apple Inc. (AAPL) co-founder Steve Jobs, Google Inc. (GOOG) co-founders Larry Page and Sergey Brin, Oracle Corp.'s (ORCL) Larry Ellison and Zynga Inc.'s (ZNGA) Mak Pincus. Yahoo's Jerry Yang was making $1 in salary before he was forced out.
The $1 trend, however, has done nothing to lessen the growing income inequality in the United States. The average CEO pay is $12.3 million, compared to just $34,645 for the average worker, according to an AFL-CIO analysis of Department of Labor data. That means your average American worker would need to log about 360 years and 10 months to earn the same as a Fortune 500 CEO.
Facebook CEO Zuckerberg Slashes His Salary to a Buck