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Zuckerberg to sell $2.6B worth of FB shares

 

Facebook chief Mark Zuckerberg will sell a chunk of his stake in the company, cashing in some $US2.3 billion, as part of a new share offering by the huge social network.

A Facebook filing on Thursday said the company would sell 70 million shares in a follow-on offering to the huge initial public offering in May 2012.

Of the total amount, Zuckerberg will sell around 41 million shares, mainly to satisfy his tax obligations, the company said in a statement. The 27 million new shares at Facebook’s latest closing price of $US55.57 would raise some $US1.5 billion for the company “for working capital and other general corporate purposes,” the statement said.

Zuckerberg’s sale will have little impact on his control of the company he co-founded from his Harvard University dormitory. (AFP)

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