Mike Gupta is hailed as the architect of Twitter's initial public offering
Twitter Inc (TWTR - Get Report)’s chief financial officer Mike Gupta’s move from Zynga Inc (ZNGA - Get Report) has paid off very well. According to the microblogging company’s proxy statement filed with the SEC, Gupta earned $24.6 million in 2013. Of that, $241,667 was in the form of salary, and the rest in stock awards. He worked as treasurer of Zynga before moving to Twitter in December 2012.
Twitter CEO’s annual salary cut to $14,000
On the other hand, Twitter Inc (TWTR - Get Report) CEO Dick Costolo brought in just $130,250 in 2013. He didn’t receive any new stock awards, and his annual salary was slashed to $14,000 effective August 2013, Twitter said in the proxy statement. Costolo still owns 8.2 million shares or a 1.4% stake in the San Francisco-based company. Moreover, he had earned a whopping $11.5 million in 2012, mostly in the form of stock and option grants.
Twitter Inc (TWTR - Get Report) general counsel Vijaya Gadde took home more than $15.1 million, which came mostly through stock awards. But 2013 definitely belonged to Mike Gupta. At the end of 2013, he also had unvested Twitter shares valued at over $85 million. The company went public in November 2013, and Gupta is hailed as the architect of Twitter’s public offering.
Twitter raises Gupta’s base salaryThe Wall Street Journal says that Twitter Inc (TWTR - Get Report)’s IPO was handled by a man who has a knack for finding calm amid chaos. Mike Gupta had to find a balance with investors and analysts, offering ambitious projections without setting targets that might have been difficult to achieve. Also, he had to avoid the missteps that haunted Facebook Inc (FB)’s botched IPO. Before joining Zynga Inc (ZNGA - Get Report), Mike Gupta worked at Yahoo! Inc (YHOO) between 2003 and 2011. Twitter Inc said it has now raised his base salary to $250,000. Though shares of the microblogging company have fallen about 26% over the past three months, the stock is still up almost two-thirds from its $26 offering price. Twitter Inc (TWTR - Get Report) shares plunged 1.91% to $41.68 at 12:20 PM EDT on Thursday. The post Twitter Inc CFO Mike Gupta’s Move From Zynga Inc Paid Off Well appeared first on ValueWalk. -By Vikas Shukla
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts