We just got word that the San Francisco Board of Supervisors has voted to approve the Mid-Market incentive plan that would give Twitter– and other companies– a six year payroll tax deferral for net new jobs if they move their headquarters into the city’s most blighted area. The plan will require a second and final vote next Tuesday to be implemented. The area in question includes three million… → Read More
Not only is the San Francisco Chronicle lacking the professional courtesy to link to TechCrunch for first reporting the tech industry’s fears about San Francisco taxing stock options– the paper is also missing the broader point in the escalating debate.
This isn’t about Zynga and Twitter negotiating a special deal, nor is it about a two-year deferral of payroll tax. Sure, that could keep a few… → Read More
Few people are aware the San Francisco has had a tax provision in its municipal code since 2004 that requires companies to pay a payroll tax on gains from employee stock options. No one pays it, and San Francisco hasn’t enforced it to date, but companies are becoming increasingly agitated that the city may change that policy at any time. The number of high profile and high value startups based in… → Read More
This lady’s name is Bonnie Brown. She’s a skillionaire. She wasn’t always rich, though. Back in 1999, she was making $450 a week as a masseuse for Google, which at that time had 40 employees. Boy oh boy, Google must have known it was going to be huge to hire a masseuse for only 40 people. The last company I worked for had over 300 people and there was no masseuse and no free food… → Read More
Forbes has come out with the list of highest paid CEOs and guess who’s on top? You guessed it, Stevie Jobs. While Jobs took a $1-a-year salary like the Google Guys, those stock options he got in return made for an excellent monetary gain. Since Apple stock did so fantastic during 2006, Jobs made more than $646 million through the compensation and is probably taking a shower in hundred-dollar… → Read More
When the SEC is on your back and you’ve been backdating stock options, you’re kind of in a tight situation. So when former Apple Chief Financial Officer Fred Anderson was offered a deal to pay back $3.5 million bucks plus a $150,000 fine, you can bet your iPod he took it. The charges date back to 2001 when Anderson was working for Apple and was granted multiple stock options that were… → Read More