Mark Zuckerberg Sells $2.3 Billion of Facebook Stock
Facebook CEO Mark Zuckerberg is selling 41.4 million shares of the company's stock, according to a statement filed at the SEC.
The shares are worth about $2.3 billion and are being used to satisfy tax obligations on the exercise of 60 million shares. The net change in Zuckerberg's voting power over the company is down only slightly -- from 58.8 percent to 56.1 percent. Separately, Zuckerberg is also gifting 18 million shares to charity this month.
In total, Facebook is offering up 70 million shares of Class A common stock, including Zuckerberg's. The company itself is selling 27 million of its own shares while board member Marc Andreessen is selling 1.65 million.
In early hours trading, Facebook's share price is slightly below $55, off a tick from yesterday's closing price.
Earlier in the week, the company introduced its new video ads to be placed on user newsfeeds. The first one -- a teaser for the sci-fi film Divergent -- goes up on the social media network on Thursday.