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Facebook Makes San Mateo County Most Well-Paid

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    NEWSLETTERS

    The average worker in San Mateo County saw his or her weekly wage increase 107 percent in the last three months of 2012, likely because of Facebook employees cashing in stock options after the company's initial public offering, a report said.

    The weekly wage in San Mateo County -- which houses Facebook's headquarters in Menlo Park --  rose to $3,240 eclipsing the country's most well-paid locale, Manhattan, according to the Wall Street Journal. If you're doing the math, that's $168,000 a year, but the last three months of 2012 were unusual for Facebook employees.

    Although Facebook's IPO was in May, most employees had a lockup on their shares, meaning they couldn't sell before November 14, 2012. The end of the lockup freed up 852 million shares of Facebook stock. Lockups aren't unusual after an IPO because they prevent stock volatility -- or basically all shareholders selling at once and tanking the stock.

    San Mateo County's wealth surge from U.S. Bureau of Labor Statistics was based on a rise in the tech industry where its 6,200 worked in computer systems design services reported receiving $6.8 billion in the fourth quarter which averages out to $4.3 million a year. However, wages are also defined as bonuses, stock or stock options which leads us to the Facebook IPO.
    While a lot of money, these types of events don't happen that often, at least not in San Mateo County. Apparently they are more common in Manhattan where investment bankers get huge payouts and bonuses. However, it looks like many Facebook employees had a very merry Christmas last year.
      

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