Facebook + Art = 200 Million

Posted on 02/07/12 No Comments

David Choe Facebook + Art = 200 Million

 

The biggest talk around the world is how facebook is going public, and how the companies worth is billions and how Mark Zucchini(I think thats his last name) is a worth in the multi billions and is only requesting for an annual salary of $1 a year….. I’m Over all that… What blows my mind is Mr. David Choe Becomes a Multi Millionaire ….. WTF!!!!

The idea that all street artists are impoverished souls eking out an existence for the love of their craft is a passé and somewhat naive notion in our age of Banksy, Shepard Fairey and other creative types who have parlayed their underground success into lucrative businesses.

We might soon be able to add to their ranks artist David Choe, who has created a number of murals for Facebook headquarters. The L.A. street and graffiti artist could stand to earn upward of $200 million from Facebook’s initial public offering, according to recent reports. That kind of money would no doubt make even Jeff Koons or Damien Hirst envious.

There are now close to two billion people who use the internet for information, entertainment, shopping, and networking socially for fun or work. Of the two billion who surf the web, 1 in 4 people have a Facebook account and while you could probably guess that, you wouldn’t guess that the company would be offered $5 Billion as their initial entry into the stock market.  Some people, like artist David Choe got on the Facebook stock train early.

The graffiti artist took stock credits to create artwork for the Facebook headquarters and now that the company is going public, his meager 0.1 % – 0.25% stake in the company is now valued at around $200 Million.  That’s quite a bit of money for a street artist who initially thought the idea of Facebook was pointless.  Choe has since become a successful artist with his works being displayed at museums and galleries, so maybe doing a favor for stock options is what more of us should try.  Just saying.

As reported in The Times, Choe was asked to create murals for Facebook’s former headquarters in Palo Alto in 2005 by the company’s founding president, Sean Parker. Two years later, the artist was asked by CEO Mark Zuckerberg to create more artwork.

The company’s current headquarters in Menlo Park also bears the graffiti stamp of Choe, who created a large-scale blue mural in the lobby of one building, as well as other works.

The New York Times reported last week that Choe was compensated for his work with shares of Facebook. The artist’s compensation is valued at about $200 million, according to knowledgeable people interviewed by the newspaper.

Maybe he’ll finally feature on our line for free….

BY KID Jealous 594

 

 

Post a Comment

Your email is never published or shared. Required fields are marked *