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Facebook prices secondary stock sale at
Story HighlightsThe sale of 70 million shares to public Lv Crossbody Purse will generate a $2.3 billion windfall for CEO Mark ZuckerbergThe stock is now well above the $38 IPO price set 19 months ago, far higher than the $17.55 price troughEven after Zuckerberg sells this stake, he will remain the controlling shareholder of the social media company
MORE: Mark Zuckerberg to sell some of his Facebook shares
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Facebook is selling 27 million shares and company board member Marc Andreessen is selling 1.6 million shares. Andreessen, a venture capitalist who became rich as co founder of Web browser pioneer Netscape Communications, was among Facebook's early investors.
The Facebook logo(Photo: Timur Emek, AP)
MORE: Latest Internet deals not bullish for Facebook investors
SAN FRANCISCO (AP) Facebook has priced a secondary offering of its stock at $55.05 a share in a deal that will generate a $2.3 billion windfall for CEO Mark Zuckerberg.
Of those, Zuckerberg is selling more than 41 million shares, primarily to cover the taxes he has to pay as Louis Vuitton Montaigne Empreinte
Even after he sells some of his stake, Zuckerberg will remain Facebook's controlling stockholder after the sale.
a result of exercising an option to buy 60 million Facebook shares that carry more voting power. The 60 million shares of Facebook's Class B stock had an exercise price of just 6 cents per share, according to the company's regulatory filings. Zuckerberg's tax bill will be based on the difference between the options' exercise price and the market value of Facebook's stock.
Facebook has proven the skeptics wrong as its mobile advertising has soared to boost its revenue to Lv Retiro Wallet
the delight of investors. The company's stock has more than doubled in value so far this year, paving the way for this secondary stock offering of 70 million shares.
terms announced Friday are just slightly below the $55.12 closing price of Facebook's stock Friday. The stock is now well above the $38 price set in Facebook's initial public offering 19 months ago, rebounding from a trough of $17.55 last year fueled by concerns about the online social network's slowing growth and ability to sell ads as more of its traffic came from smartphones instead of desktop computers.
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