Video: Facebook graffiti artist stands to earn $200m from company’s flotation on stock market
Published 03/02/2012 | 12:09
A GRAFFITI artist who decorated the walls of Facebook's headquarters seven years ago is set for a $200m (€152m) windfall when the social network makes its initial public offering (IPO).
David Choe, 35, reportedly thought the social network was "ridiculous and pointless", but nonetheless accepted a few thousand pounds of shares as payment when he was commissioned by Sean Parker, Facebook's then president.
The decision will make Mr Choe one of at least 1,000 of Facebook's early employees and advisers who were rewarded in shares and are now set to cash in.
The social network filed for its long-awaited initial public offering on Wednesday evening. It aims to raise $5bn, valuing Facebook at up to $100bn. It is expected to list in, or close to, April.
Other beneficiaries from the IPO will include Peter Thiel, Facebook's first outside investor whose 44.7m shares are thought to be worth $2bn, and U2 singer Bono, who will collect a windfall courtesy of a $120m investment through his Elevation Partners vehicle.
They are joined by Sheryl Sandberg, Facebook's chief operating officer, who holds 1.9m shares and has options on an additional 38.1m, as well as some of Facebook's adversaries.
The Winklevoss twins, who claim Mr Zuckerberg stole their idea when they were at Harvard, accepted about 1.2m shares to settle their legal battle.