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Wednesday, May 22, 2024
Wednesday May 22, 2024
Wednesday May 22, 2024

Artist’s bold decision turns $60,000 offer into $200 million windfall: Facebook stock over cash payment

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David choe’s high-stakes gamble on Facebook’s stock option proves to be a multimillion-dollar masterstroke

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In a daring move that would redefine his financial trajectory, artist David Choe faced a pivotal decision in 2007 when offered payment for painting murals at Facebook’s headquarters. The options presented were $60,000 in cash or 0.25 per cent stock in the burgeoning social media company.

Choe, known for his boundary-pushing murals exploring themes of desire and degradation, opted for the unconventional choice of Facebook stock. At the time, he expressed skepticism about the platform, deeming its business model “ridiculous and pointless.”

The artist’s decision, however, proved to be a stroke of financial genius. On the eve of Facebook’s initial public offering (IPO) in 2012, Choe’s shares were valued at a staggering $200 million, surpassing the original cash offer by more than 30 times.

While critics questioned his choice, Choe’s foresight and willingness to embrace risk turned him into a multimillionaire, earning admiration from X users who dubbed him a “legend” and celebrated his incredible financial journey.

It’s worth noting that Choe faced controversy earlier this year when comments about sexual assault, made on his DVDASA podcast in 2014, resurfaced following the success of the Netflix series “Beef,” in which he starred. The artist issued a statement apologizing for any hurt caused by the comments, asserting that they were intended as jokes and not factual accounts

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