Billionaire Ken Langone: Why I Own Facebook Shares

• Ken Langone was on Wall Street Week last Sunday.
• The billionaire investor discussed several issues, including social media and CEO compensation.
• Langonse declared not using Facebook, but owning its stock.

Last Sunday, legendary billionaire investor and co-founder of Home Depot Inc, Ken Langone, was on Wall Street Week discussing several subjects including the banking sector, the 2016 presidential race, CEO compensation and social media.

Facebook & Zuckerberg

When questioned about Facebook Inc (NASDAQ: FB), Langone disclosed he owns the stock.

He said people told him that he should own the stock because “it is going to continue to do well and it is going to grow.” So, he purchased some.

“I like what [Mark] Zuckerberg is doing with education,” he added.

CEO Compensation

Langone then went into CEO compensation.

“You give me a great person to run a great business, and you can’t pay him enough money. [But] there aren’t many of them out there,” he explained.

“There have been abuses of CEO positions and pay, absolutely,” he added. “I won’t back away from the fact that I’m a serial over-payer; because all of the money I’ve made is off the ability and talent of other people. God didn’t have a machine that makes great managers.

"When you’ve got a great manager, a fabulous manager, you have got to figure a way out for that manager and his team to share in the goodies.”

See the rest of the highlights below.