Estimated Reading Time: <1
(Reuters) – Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares.
Facebook shares, which have doubled in value this year, were down 4 percent at $53.54 before the bell.
Zuckerberg’s sale will reduce his voting power to 56.1 percent from 58.8 percent, the company said in a filing on Thursday.
Facebook said it expects Zuckerberg to use most of the net proceeds from the sale to satisfy taxes related to the exercise of an option to buy 60 million Class B shares.
Each Class A share is entitled to one vote, while Class B shares are entitled to 10 votes and are convertible at any time into one Class A share.
Board member Marc Andreessen will also sell 1.65 million Class A shares, while Facebook will sell 27 million.
J.P. Morgan, BofA Merrill Lynch, Morgan Stanley and Barclays are joint bookrunners for the offering.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)
- Lagos govt says negotiations are ongoing with manufacturers to make COVID-19 vaccines available
- “Scammers bent on defrauding job seekers” -EFCC raise alert
- Just In: Nigeria orders immediate closure of enrollment activities at NIMC Headquarters
- Nigerian Military decimate Boko Haram camp in Borno
- Borno state Governor says south-easterners should negotiate for power rather than expect others to leave it for them
- Islamic State terrorists raid Nigeria’s military base in Marte, Borno
- ..had gone to the pharmacy to buy medicine …..How Gunmen abduct Imo State University lecturer
- Lagos Government releases work-from-home directive; Grade 14 & below to resume Feb 1
- Yoweri Museveni of Uganda wins 6th term re-election
- Rovers of Calabar to square up against 3SC in NNL season opening match