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View Full Version : Life Facebook office painter makes $200 million


Rain Man
06-10-2012, 01:51 AM
I didn't see this reported in another thread and thought it was kind of interesting. Quotes are from Page 1 and Page 2 of this article.


http://www.nytimes.com/2012/02/02/technology/for-founders-to-decorators-facebook-riches.html?pagewanted=1&_r=2


SAN FRANCISCO — The graffiti artist who took Facebook stock instead of cash for painting the walls of the social network’s first headquarters made a smart bet. The shares owned by the artist, David Choe, are expected to be worth upward of $200 million when Facebook stock trades publicly later this year.

(And later in the article...)


The payout to Mr. Choe, the graffiti artist, could provide more money from his paintings than Sotheby’s attracted for its record-breaking $200.7 million auction in 2008 for work by Damien Hirst.

In 2005, Mr. Choe was invited to paint murals on the walls of Facebook’s first offices in Palo Alto, Calif., by Sean Parker, then Facebook’s president. As pay, Mr. Parker offered Mr. Choe a choice between cash in the “thousands of dollars,” according to several people who know Mr. Choe, or stock then worth about the same.

Mr. Choe, who has said that at the time that he thought the idea of Facebook was “ridiculous and pointless,” nevertheless chose the stock.

Many “advisers” to the company at that time, which is how Mr. Choe would have been classified, would have received about 0.1 to 0.25 percent of the company, according to a former Facebook employee. That may sound like a paltry amount, but a stake that size is worth hundreds of millions of dollars, based on a market value of $100 billion. Mr. Choe’s payment is valued at roughly $200 million, according to a number of people who know Mr. Choe and Facebook executives.

Phobia
06-10-2012, 02:11 AM
Why can't these guys ever call Edgewood for some work?

Deberg_1990
06-10-2012, 07:53 AM
Why can't these guys ever call Edgewood for some work?

What's Edgewoods stock going for these days?