A Facebook report said the company plans to sell 70 million shares in a follow-on offering to the huge initial public offering in May 2012.
Of the total amount, Zuckerberg will sell around 41 million shares, mainly to satisfy his tax obligations, the company said in a statement.
The 27 million new shares would raise some $US1.5 billion for the company “for working capital and other general corporate purposes,” the statement said.
Zuckerberg’s sale will have little impact on his control of the company. Read the remainder of this entry »