Facebook has registered 70 million shares of Class A common stock it plans to sell in a secondary offering, the company announced Thursday.
According to Facebook, CEO and co-founder Mark Zuckerberg will sell 41.35 million shares under the deal. Facebook will sell an additional 27.05 million shares, while venture capitalist Marc Andreessen will unload 1.6 million shares. Zuckerberg will also gift 18 million shares to charity.
The secondary offering will net Zuckerberg about $2.3 billion in cash, based on Facebook's last closing price. Facebook said that Zuckerberg is using the majority of the proceeds to … Read more