Facebook's Zuckerberg Doesn't Take $40 Million Off Table
UPDATE: Valleywag's Owen Wilson now says that his earlier report was wrong, and that Zuck hasn't cashed out at all.
Valleywag reports more evidence that Mark Zuckerberg is no dummy: $40 million of the $300 million of stock sold to Microsoft and Li Ka-shing at that $15 billion valuation was apparently his.
$40 million is a lot, but it's peanuts compared to Mark's total Facebook stake (20% or 30% depending on source), so Mark's incentives and Facebook's are still aligned. Too many entrepreneurs either let early success go to their heads ("Sell now? Are you kidding me?") or, on principle, refuse to sell a share until everyone else can, too.
Although others at Facebook have worked hard and would probably also be eager to cash in some chips (and it's possible they did), Mark has by far the most to lose. Pocketing what at this point amounts to couch change, therefore, is not greedy or unfair. It's just smart business.
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2. Employees screwed, big time.
3. Seems like someone running for the door to me.
4. Smart, yes. But pretty selfish too.