Zuckerberg could pay $903 mn as taxes after Facebook IPO

Posted By: Religare
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Zuckerberg could pay $903 mn as taxes after Facebook IPO
Facebook IPO is bound to make US tax authorities very happy with reports suggesting that Chief of the social networking giant could end up paying as much as USD 903 million as taxes.

Interestingly, Mark Zukerberg's total estimated tax payout amounts to more than 85 per cent of the total proceeds of about USD 1.045 billion he is expected to make from part sale of his own shares in Facebook.

In the end, the CEO will be left with a net cash proceeds of just about USD 142 million. According to the reports, the 27-year old Zukerberg stands to pay as much as USD 714 million in national taxes and another USD 189 million as state taxes to California, while still pocketing USD 142 million.

Facebook's IPO is slated to hit the market later this year and could fetch in between USD 77-96 billion.

Dion Global Solutions

Read more about: facebook, mark zukerberg
Story first published: Monday, May 7, 2012, 8:31 [IST]
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