Google founders, Larry Page and Sergey Brin along with the Google CEO Eric Schmidt, have renewed their contracts again at only $1 per year salary opting instead to just continue holding their shares.
Falling stock prices has wiped $8.5 Billion off their total net worth but it is reported that they are not phased, as they still have more money than any one person could spend and a belief in the fact that Google’s correlation to the stock market is still very minor.
Apple CEO, Steve Jobs, also receives a similar setup. I’m guessing their would be significant tax advantages of doing such a thing? Does anyone know?