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04/29/2013 02:40 pm ET

Mark Zuckerberg $1 Salary Puts Him Elite Group Of $1 CEOs

Mark Zuckerberg's salary is changing drastically, but his lifestyle probably won't. Facebook CEO Mark Zuckerberg will take a huge pay cut and join the $1 salary club, according to an SEC filing. Zuckerberg will not receive any bonuses.

It has become sort of a CEO tradition to cut your salary to $1 once your company is highly successful. Steve Jobs slashed his salary to $1 a year in 1998. Other CEOs who have been in the $1 salary club include Lee Iacocca, John Mackey of Whole Foods, Oracle CEO Larry Ellison, and Meg Whitman.

Google's Eric Schmidt, Larry Page, and Sergey Brin started getting paid $1 a year in 2004, but Schmidt got a raise to $1.25 million a year when he stepped down as CEO and became executive chairman in 2011.

Don't worry about how Zuckerberg is going to live on $1 a year. It just was announced last Friday that Zuckerberg made $2.3 billion when he cashed out 60 million stock options in 2012. Last year he made $500,000 and got a $266,101 bonus. He'll be just fine.

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