Facebook CEO Mark Zuckerberg Promises Not to Sell Stock for a Year
The social network, whose stock has declined since its IPO, also said that two high-profile board members have vowed not to sell their stock.
LONDON - Facebook CEO Mark Zuckerberg has promised not to sell stock in the social networking giant for at least a year.
It’s a move that was set to reassure investors and staff concerned about Facebook's stock decline since its IPO in May.
In a regulatory filing late Tuesday, Facebook said that Zuckerberg wouldn't sell any stock in the company for a year and that two high-profile board members, mass entrepreneur Marc Andreessen and Washington Post boss Donald Graham, have no plans to sell their personal stakes either beyond amounts needed to cover tax liabilities.
Last month, director Peter Thiel sold the majority of his Facebook stock after restrictions on insider sales expired.
Facebook also said it would buy back certain stock to keep additional shares from flooding the market.
Facebook's stock was priced at $38 in its IPO, but it fell to a new low of $17.73 on Tuesday after two analysts reduced their price targets.
In early Wednesday trading, the stock was up 3.5 percent.
- MOST SHARED
- MOST POPULAR
- So, Is Joel And Julia's 'Parenthood' Divorce Painfully Realistic Or Totally Out Of Touch?
- Batkid Takes Break From Fighting Crime To Throw Out First Pitch At SF Giants' Home Opener
- Beyonce Wears A Bikini, No Makeup On Vacation With Blue Ivy And Jay Z
- This 'Grey's Anatomy' Sneak Peek Will Have You Ready To Party
- Dianna Agron Pleads for #ADayWithoutWaste: It Is Easy to Make Changes!
- Heidi Klum & Nick Cannon Know How to Wear Black & White at NBC Summer Press Day!
- Nina Agdal Works the Camera for Jeffrey Fashion Cares Charity Show!
- Ellen Page Will Present Exclusive Clip of 'X-Men: Days of Future Past' at MTV Movie Awards 2014!