In 2004, they each had been earning a six-figure salary, but during the second quarter they decided to reduce their salaries to $1. The company’s compensation committee offered to give them raises this year, but the co-founders declined, keeping their $1 salary for 2005.
They can afford to do this, of course, because of their enormous stake in the company. They can make their money through returns on their investment.
It would be nice to be able to afford to take a $1 salary. All I need to do is start a wildly successful business.
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Updated February 6, 2012 and originally published April 8, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.