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In reply to the discussion: Facebook's Zuckerberg, Thiel sell shares [View all]KurtNYC
(14,549 posts)41. To pay taxes on the sale of the shares he sold
If he didn't sell he wouldn't owe. Steve Jobs never sold a share of Apple. Larry Ellison borrowed against his unsold stock and did not owe taxes on the market value of his stock...
You don't owe taxes until you sell -- so you can't be selling "to pay taxes" because the selling is what creates taxable income.
http://www.nytimes.com/2012/02/08/opinion/the-zuckerberg-tax.html
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and if you started a company that went IPO, you wouldn't sell some of your shares either? There is
still_one
May 2012
#5
It certainly isn't worth what people paid for it, but they did so willingly
4th law of robotics
May 2012
#37
I think that is pretty much what I said, it was wall street and the underwriters. However,
still_one
May 2012
#19
zuckerberg did not pump it. Morgan stanley and the underwriters did, along with the wall street in
still_one
May 2012
#7
He is doing what every CEO is told to do by the underwriters when you go public. He didn't set the
still_one
May 2012
#21
He sold to pay taxes. It doesn't matter what he thought the price was going to be.
former9thward
May 2012
#33
Sometimes it pays to be a procrastinator. I was going to buy FB shares but just didn't get
yellowcanine
May 2012
#14
Blaaah... I created (designed, programmed, ran, hosted) a social networking site
octothorpe
May 2012
#27
1.13 billion is barely a drop in the bucket in terms of what he owns in the company.
iandhr
May 2012
#18
Look up the criteria for getting in before the IPO - for each investment house...
polichick
May 2012
#55