Zoom laid off 1300 employees and CEO Eric Yuan took responsibility, cutting his base salary from $300k to just $6k and refusing a corporate bonus. He also said members of his executive leadership team will take 20% pay cuts and also forego their bonuses.

Sources: TimesNow Salary

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Tools: Figma, Tableau

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As i know my billionaires, at the end he wil probably have more money with this alary cut because some tax-loophole or somthing.

Zoom is worth 22b. Yuan's net worth is 4b. You're quoting zoom's peak price. But i agree, salary is meaningless.

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This guy built something really useful. He's not only a CEO but a guy that built something that matters and took all the risks of building a new business. He definitively deserves more

He’s a billionaire, I think he’s gotten more than enough

Agreed, he's definitely worked hard to enough to deserve at least a trillion dollars. He's earned at least that much.

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I mean come on, he's only worth what the average worker makes in 1000 lifetimes?! Poor guy

A billionaire does what everyone wants billionaires to do and people are still bitching

Salaries are easy to tax. But you don’t pay tax when your stock value increases until you sell some of it. So yeah, it’s not even a loophole.

I'm just trying to figure out why take the $6000 at all? Why not $1 like we see other CEOs take?

I'd think healthcare plan offset, but even my company 'values' that at far higher, and still would likely be included in 'other'.

This isn't quite a win.

We have an entire class of people so fucking wealthy that they can afford to be CEO essentially for free, while becoming vastly more wealthy. It's a problem different from, but related to, excessive executive pay.

This guy, despite being "paid" 98% less in 2023, will almost certainly end the year wealthier than he began it. Ask yourself how we built a society where some people live by those rules while almost everyone else would be out on the street begging for change off the interstate.

Probably some legal reason, like he can't do certain duties if he's not compensated for them? Idk

we will never progress as a society

Oh my gosh what a saint, we should all strive to be this sacrificial /s

One dollarb

Instead of laying off 10 people in the company who probably need the salary to support their family. I think it is a nice gesture. Can the ceo do more, probably yes but still a nice gesture overall.

You know, somehow I think he will make it through this. With a little grit and frugality, he will be ok.

What do you expect from Reddit? AntiWork was like the top subreddit until the cringy interview on Fox News lmao.

Yea, its just a strange amount. I've heard of CEOs being paid $1, but $6034 is weirdly specific

Actual retail price....

Yeah because he doesn’t need a salary any more, it’s probably easier for him to basically take no money so he won’t have to pay tax on it

300k differential is likely to be 2 people AT MOST. It is one of those performative PR moves that is meaningless.

That is still 2 family... but wow, 300k is the norm? I need to find a new job.

But what’s that sweet sweet “other” category going to be

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Positive sentiment that may encourage investors because he’s a good guy for doing this.

No - $300k would assume salary, then healthcare, other benefits, company items and administrative costs and overhead ... x2.

Salary is generally half or less of overall employee acquisition costs

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So there's no excuse for the ultra-rich CEOs to all do this sort of thing. They still get power from controlling companies, which is compensation enough for a billionaire. More money incrementally moved to the general payroll and out of billionaires pockets is pretty much always a good things.

Agreed with ya until the end. Hyperbolic as fuck. 21 million+ Americans have at least $1mil in net worth. Only 0.5-1mil people are homeless on any given night in America. There are 300million+ people in this country, and around 7-800 billionaires.

Surprise surprise, if you build a ridiculously profitable company which provides a widely used good/service… you’re going to be ridiculously wealthy. If you do not build such a company or provide such a good/service of high value and need… you will have to continue to earn a regular income in whatever ways you are able to do so.

What makes you think the average person should not have to produce something of high value to their community in order to achieve the capability to live as if they have a billion dollars? I’m confused.

You ever jump into that sub? What a shit show.

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i only see it on the front page when im not signed in. reddit pushes it hard cuz they know wht kinda ppl use their site. ironically they are making reddit alot of money with their constant interactions with the site

if i could provide a good or service that millions of people are willing to pay for, i too would be rich. but i cant. thats just the reality of the situation.

i make 90k a year and thats more money than most people on the planet will ever make in their life time. its all relative.

Wow, such logic. I don’t understand how more people don’t quite comprehend this lmao

Oh wow, what an altruistic man! 🙄

Nice, now that he has more money than any human being could ever need for the rest of his life he should continue to take the same pay cut and donate all of it from his company to the workers of the company and unions

This isn't actuallly showing his bonus.

This graph is wrong. CEO pay after $1 million is in stock. And this isn't showing that.

I’m complicit, I don’t mind buying coins every now and then. One reason being the camaraderie and entertainment Reddit provides. You can view it as supporting a platform. It costs money to have apps and websites exist. It’s funny Reddit likes anti work but really needs people to work so they can buy imaginary currency. Having income and zero children makes it easy to toss a few bones lol

Not sure why you’re getting downvoted, but he really did went out and set his own vision after Cisco leadership rejected his idea for WebEx, despite him being one of the first employees when it was a startup.

The more competition we have, the better.

I don’t even understand Reddit. When Iwata Satoru, the CEO of Nintendo, took a pay cut after the Wii U flopped, everyone praised him. And yet here we are…

Not saying he deserves more though.

Yeah, people who are billionaires equally won't care about a million. Doesn't mean all CEOs will work "for free". You gonna work 80 hours for control?

Can you reword this please. The grammar doesn’t really come through.

hmm. servers do cost money. and i do open up reddit whenever i have down time. i dont go out of my way to use the site though. but if i have a problem or wana search something up, i go to reddit , not google. i like getting answers from real people.

I think people want more than a million from billionaires.

Untrue. Say you own 24billion dollars worth of pokemon cards. Federal regulations will only allow you to sell a small portion of that at a time, and it takes several months to liquidate.

Grocery stores don't take pokemon cards as cash so the cash salary is still meaningful

No. I already hate working. I don't need those assholes making me like work, just because of how they are.

It’s very educational, sometimes toxic , but educational.

0.000000000000005B

Which part of my comment did you not understand?

But it's the kind of thing people have been asking of their leadership in other tech companies to do? to make some sort of sacrifice to indicate that they are sharing in the hurt that other employees are going through even if it's obviously not in the same magnitude?

I mean would you rather they give up nothing like the other tech CEOs?

It was just how ceo pay after 1mil… it just doesn’t read well. I worked it out after reading a few more times. A CEO’s pay…/After 1 mil a CEO’s pay is in stock… I genuinely just wanted to understand your sentence. Follow up, is that a Zoom corporate policy or something widely practiced?

Looks to have been $800k last year and about $600k the year before that.

It may be to avoid taxes while seeming benevolent! Relevant investigative report from 2021: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

Most companies pay CEOs in the form of stock options after $1 million in salary. This is due to a law from the 1990s which encouraged companies to reward CEOs that perform well. Since stock value is one metric to see how well a CEO is doing, they are paid in stock, and taxed much less than if they had paid in salary. I googled it and it seems that Yuan's pay in 2021 was around $14 million.

I'm not sure why this graph doesn't show that. Maybe it's Zoom PR.

I see, thanks for the explanation, I appreciate it

Seriously what's the difference between a $24B vs a $4B net worth? You could never spend either amount in a lifetime, and your heirs are going to be wealthy for several generations.

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$1 is a start, especially when it's enough to keep a small handful of people employed when they otherwise wouldn't be. All the other tech CEOs are giving away $0 and let people on the bottom rung of the ladder take all of the fallout.

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If I can save one person's job for $1 a year. Should I do it?

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You can't even buy a struggling NFL franchise with $4b

I like to imagine that at the billionaires annual brunch, the double digit billionaires gather in a group, side-eying everyone else just muttering stuff like, "you hear that Zoom guy only has a measly $4 billion? that broke ass bitch."

You try liquidating 100M in a day or two and report back. I'm eager to hear your results.

Hell, I'll be generous and give you a week.

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I'll take "people who have never spent a day near corporate finances enact judgement like they're a 20 year wall street veteran" for 200, alex

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You don't appear to have been hired based on your communication skills. There's no need to be a condescending dipshit, and you're the only one acting this way.

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I've always had a hard time with this. Should a man who built a tool that millions of people use be evaluated as more valuable than a man who builds homes or drives a garbage truck for example?

It's all identity politics.

I didn't mean that. I compare this guy to regular CEO passing all their career jumping from one company to another on CEO positions. Those guys don't take any risk and ear a lot of money. Compared to them, a founder of a new company that build something new and useful definitively deserves more

it's exactly that!

Usually RSUs, stock options, things like that