Warm Southern Breeze

"… there is no such thing as nothing."

Congratulations, Mark Zuckerberg! And welcome to the 1% of the 1% class!

Posted by Warm Southern Breeze on Wednesday, May 23, 2012

Is it clear enough that Wall Street denizens like neither FaceBook or Mr. Zuckerberg?

They bitched, moaned, groaned, griped, carped and complained about his attire.

Now, the stock of his company is tanking, and readers will recall the title of an earlier post which asked “How is FaceBook’s IPO like Erectile Dysfunction?

To be certain, this is not a reflection upon Mr. Zuckerberg’s character, but rather a form of criticism of his company’s business model. More specifically, it is the demonstrated lack of a concrete, long-term profit-making revenue stream which has many analysts concerned about the firm’s long-term viability.

By the way, based on 2009 tax year filing data, the Internal Revenue Service says an Adjusted Gross Income (AGI) of $343,927 or more, will put you in the top 1 percent of taxpayers.

Mark Zuckerberg earns $1.1 billion from selling Facebook shares

By Salvador Rodriguez

May 22, 2012, 5:35 p.m.

Mark Zuckerberg on Tuesday completed the transaction of the 30.2 million shares he sold in Facebook’s IPO Friday.

The shares he disposed of sold for $37.58 a piece, bringing him a cool $1.1 billion. But despite all that money, the Facebook CEO will be spending most of it to cover taxes, according to a document filed with the Securities and Exchange Commission.

That’s too bad because buying an island or a small country for a billion dollars could have gone a long way in cheering up the leader of a company whose stock keeps tanking.

For the third day in a row, Facebook’s shares closed at a lower price than at which they opened. After the stock began trading at $42.05 on Friday, they closed at $31 on Tuesday.

Facebook’s high came Friday, when shares jumped to $45 for a split second, but they hit a new low Tuesday, sinking to $30.94 at one point.

Based on the 503.6 million shares Zuckerberg holds, the newlywed 28-year-old has seen his Facebook fortune go from as high as $22.67 billion to as low as $15.58 billion.

After Tuesday’s close, his shares were worth $15.61 billion.

http://www.latimes.com/business/technology/la-fi-tn-facebook-zuckerberg-shares-20120522,0,7382543.story

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