Mark Zuckerberg, the CEO of Facebook is said to be selling some of his Facebook shares to raise about $2.31 billion. The founder of the popular social network will sell about 41.4 million ‘Class A’ shares and utilize the money to fund a tax bill.
Mark is allegedly buying 60 million ‘Class B’ shares of his company and that is when the tax bill is expected to arise. The sale of shares would mean that Zukerberg’s stake in Facebook will drop to 56.1% from 58.8%.
Facebook is also offering 70 million underwritten registered public offering of its ‘Class A’ stock out of which 27 million is offered for public trading, while the rest 42.99 million shares are sold by stockholders like Mark Zuckerberg himself.
The ‘Class A’ and ‘Class B’ stocks are said to have identical rights expect for voting and conversion authority. Meanwhile, Facebook shares are trading at about $55.75 apiece.
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