Facebook Graffiti Artist Stands To Rake In $200m From IPO

By: EW News Desk Team   Date: 3 February 2012

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EW News Desk Team

Always on the look out for the latest news to monitor the state of the world economy.

EconomyWatch, News Desk Team

 

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03 February 2012

A graffiti artist who decorated Facebook’s headquarters when it was just one-year old could soon be a millionaire. David Choe, 35, reportedly accepted shares as payment when he was engaged by Facebook, and with the company’s blockbuster IPO, Choe’s stake could soon be worth $200 million.

David Choe, 35, born in Los Angeles to Korean parents, was an unknown graffiti artist back in 2005 when Facebook’s then-President Sean Parker asked him to paint “graphic sexual murals” in the company’s first Silicon Valley office.

Back then, Choe, speaking to the New York Times, said he found the idea of Facebook “ridiculous and pointless”.

With Facebook’s upcoming blockbuster initial public offering, Choe stands to make an estimated $200 million from his shares if the popular social network floats at an astronomical $100 billion.

According to reports, Choe began his spray-painting career in his teens and subsequently created pop-art for musicians like rapper Jay-Z, including a portrait of Barack Obama that now hangs in the White House.

Related News: Interested In Obama’s Old Car? It’s On Sale Now

As the story goes, Choe was given a choice of a few thousand dollars in payment or shares in the fledging enterprise. He chose the latter.

Choe, however, is not the only one that stands to receive a fortune when Facebook goes public.

It emerged yesterday that Facebook founder Mark Zuckerberg's father, Edward, who works as a dentist, was awarded two million shares by Facebook's board. His contribution? Providing funds and computing equipment for his son while he studied at Harvard University.

U2 frontman Bono is expected to claim $120 million through his investment firm Elevation Partners. Facebook’s first outside investor, Peter Thiel, the billionaire contrarian, led a $500,000 investment in Facebook in late 2004. He has 44.7 million shares that could be worth more than $2 billion.

Related News: U2 to Invest in Music Study as Ireland Cuts Spending

As for Mark Zuckerberg himself, the 27 year old billionaire, he holds 533.8 million in shares that could be worth $28.4 billion, making him one of the richest and youngest people in the world.

Related Infographic: Facebook’s $10 Billion IPO – What You Need To Know

Related News: Facebook Has One Trillion Hits Per Month

Related Story: Facebook Co-Founder Eduardo Saverin Bets Big on Asian Internet


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