Facebook CEO Mark Zuckerberg will sell as many as 75 million shares over the next 18 months in sales worth as much as $12.8 billion at the stock’s value.
Mark Zuckerberg will sell a large number of Facebook shares over the next 18 months in sales that would be worth between $6 billion and $12.8 billion based on the stock’s current price.
The intention to sell between 35 million and 75 million shares was disclosed in a Facebook securities filing late Friday.
Proceeds of the sale will go « to fund the philanthropic initiatives of Mr. Zuckerberg and his wife, Priscilla Chan, » the filing said.
The company also said it would scrap a plan to create a new class of shares that would have allowed Zuckerberg to keep a majority of voting control in the company even if his actual ownership stake was far less.
The scrapping of a plan announced last year follows a settlement between the company and investors who had sued to stop it. Zuckerberg was scheduled to testify in the case next week.
Facebook shares closed Friday at $170.54 a share. The stock slipped slightly in after-hours trading after the filing was disclosed.
