Status Update: Facebook’s Zuckerberg Unloads 41.1M Shares
Facebook (NASDAQ:FB) CEO Mark Zuckerberg is planning to sell 41.1 million shares worth about $2.3 billion, according to a company filing, Reuters reported on Thursday. Zuckerberg plans to use the money to pay a tax bill that is related to the execution of an option to buy 60 million Class B shares.
The share sale will take Zuckerberg’s voting power of 58.8 percent and reduce it to 56.1 percent. Facebook shares were down 4 percent, at $53.54, before the opening of trading on Thursday, and they sat at $54.15 as of 12:30 p.m. Eastern.
According to Reuters, board member Marc Andreessen also plans to sell 1.65 million Class A shares, while Facebook will sell 27 million. Each Class A share gets one vote, while Class B shares get 10 and are convertible at any time into one Class A share.
Facebook shares have doubled in value this year, and the social networking giant plans to soon launch lucrative video ads, further bolstering its ad revenue potential. Still, some analysts forecast that the Palo Alto, California-based tech company will suffer problems in the future if reported disinterest in Facebook by youth becomes a reality.