David Choe, 35, was asked to paint the offices in Palo Alto, California, in , and was offered the choice by then-president Sean Parker of being paid a few thousand cash or the equivalent in shares. Scroll down for video. David Choe was asked to paint the Facebook offices in Palo Alto, California, in , and was offered the choice of being paid a few thousand cash or the equivalent in shares. Now a successful artist, Mr Choe refused to be interviewed about his windfall.
This now translates into tens and hundreds of millions. Mr Choe , of Los Angeles, California, recently went to the new Facebook headquarters in Menlo Park to spray paint a wall, and can be seen in a video getting the help of founder Mark Zuckerberg, Left-handed Mr Choe told Ion magazine that he developed a 'dirty style' because his left hand would always smudge his work as a child - and admitted he even sometimes uses his own blood.
Mr Choe's work is seen here on a lift, left, and stairwell, right, of the Facebook offices. Mr Choe's work is also on the stairs, left, and bathroom, right, of the Palo Alto headquarters. This amazing collage, left, is accompanied by this explosive artwork in the cafeteria, right. This is some turnaround for a firm which, as its founder explained in a letter with the filing, 'was not originally created to be a company', and still uses 'The Hacker Way' to guide its development.
The filing laid bare a number of key facts about the previously secretive firm - and exposed Mr Zuckerberg's strict control over many aspects of the company's management. But some users don't think that is enough thanks and they want a cut of the money. Facebook's earliest employees and early venture capital investors will see the biggest paydays.
The website's founder Mark Zuckerberg, pictured, reportedly owns a little over a fifth of the company. The site has million active users, and half of them typically visit the site on any given day. While it may seem that everyone in the English-speaking world has a Facebook account, in fact the site has only penetrated 60 per cent of the market in the U. The filing makes it clear that China, where Facebook is currently banned, is the next big target - but expresses doubt that it can craft a censorship policy which would be 'acceptable to us and to the Chinese government'.
Facebook employees set to benefit from the upcoming IPO are looking at space voyages with Virgin Galactic, left, and an expedition to Mexico with an archaeological Mayan ruins programme, right. The new millionaires will no doubt already be flicking through catalogues of luxury cars and yachts. Advertising accounted for 85 per cent of that revenue, but that was less than in previous years thanks to the spectacular success of games company Zynga, which contributed 12 per cent of Facebook's revenue through royalties which amount to 30 per cent of the money spent on Zynga's games via Facebook.
And despite the runaway growth of Facebook since its origins in , amazing power remains concentrated in the hands of one man: Despite owning no more than a quarter of shares, he will control 57 per cent of votes even after the sale of shares to the public. The company's filing even singled out Mr Zuckerberg's control as a major risk which could jeopardise the company's performance in future - it pointed out that he was able to vote 'in his own interests, which may not always be in the interests of our stockholders generally'.
In a letter included in the filing, Mr Zuckerberg painted a rosy, idealistic picture of Facebook. David Cowan, venture capitalist. Mr Zuckerberg also pledged to stay true to Facebook's scrappy roots even on the road to becoming a multinational corporation. While weak financial markets downsize IPOs, Facebook seems destined to set a new benchmark in a region famous for minting fortunes, with even the rank-and-file employees reaping millions. Facebook employees past and present are already hatching plans on spending potential new wealth, even as regulations typically prevent employee stock options from being cashed in for six months.
Rob Mitchell, charitable giving expert. Meanwhile a group of current and former Facebook workers have begun laying the groundwork for an expedition to Mexico and want to partner with an archaeological Mayan ruins programme. But the wealth will trickle down to engineers, salespeople and other staffers who later joined the company, since most employees receive salary plus some kind of equity-based compensation. The initial public offering is the biggest ever to come out of the tech hub of Silicon Valley.
Liquidnet head of private trading Lou Kerner estimates that Facebook now has roughly 2. Engineers are the most richly rewarded. The flotation of Facebook could see a billion-dollar windfall for Irish singer Bono. Bono has been accused in the past of alleged tax avoidance in his native Ireland and was the subject of a protest at Glastonbury last year. After a 5-for-1 stock split in October , the engineer would now have the right to buy around , shares.
According to another former Facebook employee, it was not unusual for the company to offer some executive-level hires up to , restricted shares as recently as three years ago. But the company faces the risk that talented staff will leave with their newfound wealth to make their own mark in technology by becoming entrepreneurs or investing in other promising start-ups.
For many of Facebook's staffers, the IPO will help pay off school loans and buy a house or car. Many homeowners and real-estate agents in California are eagerly anticipating a surge of new buyers.
Waiting on Wall Street: Facebook's IPO filing is revealing how much it intends to raise from the stock market, what it plans to do with the money and details on its own financial performance and future growth prospects. Wealth managers and investment advisers are also looking to win new clients. The imminent flood of Facebook dollars is sure to provide a welcome boost to various local businesses in the Silicon Valley area, from high-end car dealerships to wine merchants.
Meanwhile the new Facebook millionaires may decide to donate some of their winnings to charities and non-profitable organisations, with many California-based and national groups set to benefit. The state of California will also benefit from the IPO by reaping hundreds of millions of dollars in capital gains taxes, from investors and employees profiting from Facebook stock sales.
Founder and Chief Executive Officer of Facebook Currently creating his own monetary system 'Facebook Credits' to facilitate transactions and profits, according to Forbes. A co-founder and the social-networking site's first chief technology officer, Moskovitz left in and started Asana, a software company that allows individuals and small companies to better collaborate.
Most recently served as Barack Obama's Director of online Organizing for his presidential campaign. Currently the executive director of a new social network called Jumo which connects individuals to global nonprofits. Former Facebook president, helped capture initial investors for the company. Claimed they invented Facebook which was stolen by Mr Zuckerberg.
Facebook chief executive Mark Zuckerberg outlined five core values for Facebook, in a letter to potential investors. The letter appears in regulatory filings for Facebook's initial public offering of stock. Here are the five values: Focus on Impact If we want to have the biggest impact, the best way to do this is to make sure we always focus on solving the most important problems.
It sounds simple, but we think most companies do this poorly and waste a lot of time. We expect everyone at Facebook to be good at finding the biggest problems to work on. Move Fast Moving fast enables us to build more things and learn faster. However, as most companies grow, they slow down too much because they're more afraid of making mistakes than they are of losing opportunities by moving too slowly.
We have a saying: Be Bold Building great things means taking risks. This can be scary and prevents most companies from doing the bold things they should. However, in a world that's changing so quickly, you're guaranteed to fail if you don't take any risks. We have another saying: Be Open We believe that a more open world is a better world because people with more information can make better decisions and have a greater impact.
That goes for running our company as well. We work hard to make sure everyone at Facebook has access to as much information as possible about every part of the company so they can make the best decisions and have the greatest impact. Build Social Value Once again, Facebook exists to make the world more open and connected, and not just to build a company. We expect everyone at Facebook to focus every day on how to build real value for the world in everything they do.
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Share this article Share. Facebook's IPO filing is revealing how much it intends to raise from the stock market, what it plans to do with the money and details on its own financial performance and future growth prospects Wealth managers and investment advisers are also looking to win new clients.
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