Tag Archives: winklevoss twins

marky z gives it up for the tax man

my dear friend marky z is a small businessman.  he started his little financial empire out of his college dorm room, programming and brainstorming and dealing with the insufferable but undeniably handsome winklevoss twins cameron and tyler.*

yo, marky z, you've brought together a lot of people with  facebook!  and you've taken your company public so that we all can invest!  uh, well, stock prices have dropped since the ipo at just under forty washingtons to yesterday's $25 per share.  talk about affordability!

yo, marky z, you’ve brought together a lot of people with facebook! and you’ve taken your company public so that we all can invest! uh, well, stock prices have dropped since the ipo at just under forty washingtons to yesterday’s $25 per share. talk about affordability!

marky z is going to be reporting roughly $2.3  billion of income from his stock options alone–you have to add in his wife priscilla’s income as a physician and–who knows?–maybe marky moonlights as a bartender.  he does get a deduction for $500,000,000 that he gave to the silicon valley community foundation (and yes, i have the correct number of zeros).  the top federal tax rate is 48% and the california state government takes out an extra 13.3%.  he hasn’t filed his taxes yet this year, but analysts predict he’s going to owe more than $1,000,000,000 with a top tax rate of 48.3%.  


really, should we tell marky z about the 1% arlynn presser surcharge on taxes?

and *tell the winklevoss twins that i’m happy to have dinner with them.  just not at the same time.  that would be too weird.

what a busy day for my facebook friend mark zuckerberg!

i’m not actually friends with mark zuckerberg — or the other founders of facebook, dustin moskovitz, eduardo saverin, and chris hughes.  but i feel like we should be.  after all, mark and his friends started facebook in 2004 at harvard university as a way for students to check out other students–it replaced a paper bound directory that couldn’t keep up to date on everybody’s relationship status.  by 2007, i was posting pictures, tracking down folks i went to high school with and playing online scrabble with facebook friends i’d never met.

about that relationship status.  i was separated from my husband and mark had still not figured out that “it’s complicated” is a good status.  i listed “single” and a few short months later my husband joined facebook, sent a friend request and was pretty darned unhappy that i was jumping the gun on the american divorce court system.  we agreed to defriend each other and although we are very much divorced we are very friendly.  it’s . .. complicated.

but mark, we were talking about mark.  and the founders of facebook and the other private shareholders of facebook. up until yesterday, they were the sole investors in facebook.  with an initial public offering (ipo), those shares are let loose on the public market and anybody can be a facebook shareholder.

ah, the winklevoss twins! they went to harvard with mark and they thought they were part of the creation of facebook. this was the point of two lawsuits between the twins and mark. as part of a settlement of one of those suits, the winklevoss twins own six million shares of facebook. caution: do not invite this trio to the same potluck supper!


so the offering of shares yesterday was a little like the story of goldilocks and the three bears–set the initial price of the shares too low and the private shareholders don’t get as much dough, set the price too high and institutional traders won’t bite and the price will plummet and everybody will think your company sucks.

the facebook shares were initially offered at $38 a share when mark rang the opening bell at nasdaq trading headquarters. after rising and abruptly falling the price of the shares returned to just under $40 per share at the closing bell. does that mean the initial price was just right?


thursday was a big day for mark, the founders, the shareholders, and new investors!  but it was a regular day for facebook employees (many of whom, by the way, own shares in the company).  at one of the company cafeterias at the menlo park, california headquarters, the day began with a breakfast of strawberry banana soy smoothies, coconut mango smoothies, whole wheat cranberry orange scones, sausage and biscuit hash with cream gravy, whole wheat choco-chip pancakes with vanilla whipped cream, whole wheat low fat flax waffles, and old-fashioned buttermilk pancakes.  Meals are always free for facebook employees.  i would totally screw up my diet!

best wishes to mark and facebook!  mark and some other visionaries are very rich now.  so rich that they can’t attend occupy wall street rallies anymore.  but they provided us with a service we needed to keep in touch, to play that scrabble and to share with the world cute pictures of our cat.

last year, i made a new years resolution to meet all my facebook friends. i was a scaredy cat who didn’t leave the house much and i wanted to know who all these friends were! the resolution changed me. i have to say . . . thank you, mark!


add a few new members to the 1% club and make sure to log out every once in a while!

there are a few new members to the 1% club as facebook announces an initial public offering.

a lot of the fire in the occupy movement centers around the 1% of americans who make a whole lot of dough but--according to occupiers--don't pay their fair share of taxes. there will be many new millionaires created by facebook's offering, people who either work for the company or were early investors.

mark zuckerberg, the c.e.o. and inventor of facebook, owns 533.8 million shares and stands to be worth $28.3 billion if the valuation of the company at $100 billion is correct.

the winklevoss twins were mark's classmates at harvard and they had some ideas they shared with him that could be considered the facebook concept. uh, that's about as much as my lawyer said i could say. go rent the movie "the social network" or "mean girls" if you want to get a better idea of the whole story. really, either movie would work.

i like the fact that zuckerberg is going to be a billionaire, especially because i know he’ll pay his “fair share” of taxes but because he’s created a product that helps me keep in touch with my friend.  but i know we have to be careful, because it’s important to log out every once in a while and have real interactions with our friends — logging out is the toughest click!

mark zuckerberg needs a fly haircut and some new clothes but i guess with his money he'll be able to do all that.

mark zuckerberg has said something that i’ve always hoped is true for him:  “we don’t build services to make money, we make money to build better service.”

so i have to ask you–