Facebook employees made so much money from the company going public last year that it shot San Mateo County, where the company is headquartered, to the top of the charts for highest average weekly income in the nation.
San Mateo average wages rose to a rate equivalent to yearly earnings of $168,000, significantly higher than even New York County, home of Wall Street and several other high-earning industries.
The Wall Street Journal’s Scott Thurm verified that Facebook’s IPO was responsible for the massive increase by looking at the wages by job sector.
He found that the roughly 6,200 “industrial” workers (which Facebook employees count as) earned $6.8 billion in the fourth quarter of 2012 – which works out to almost $83,000 a week. This lines up with the timing for many Facebook employee’s stock options, which vested in November of last year.
This isn’t the first time that a tech company going public has made a significant number of its employees exceedingly rich. Microsoft compensated many early employees with generous stock options. After a hundredfold increase in its stock price between 1986 and 1996 it was estimated that at least 10,000 “Microsoft millionaires” were created by 2000.