Facebook will not sell shares: Zuckerberg

The CEO of Facebook, Mark Zuckerberg, will not sell shares in the company over the next twelve months, an ad that matches the plummeting shares, the company has revealed in a filing with the Securities and Exchange Commission
U.S. (SEC).

Zuckerberg has "no intention of carrying out any transaction with our shares for at least twelve months," the statement said.

At the close of trading on Tuesday on the New York Nasdaq, shares of the firm touched the lowest closing figure since his controversial IPO by 38 dollars in May.

Zuckerberg’s decision aims to reduce the number of shares available in the market, and adds to the announcement of two of its directors Marc Andreessen and Donald Graham, that only sell the necessary actions to meet the payment
of taxes.

Last month, Peter Thiel, an early investor in Facebook, and one of its co-founders Dustin Moskovitz sold part of their stakes in the company. Also, the social network said Tuesday its plans to buy back 101 million
shares, about 4% of all available, and that could be sold as follow deadlines expire restriction for current employees.

In fact, bring forward the completion of this limit from 14 November to 29 October. Based on current prices, Facebook spend about 1,900 million dollars to keep these shares out of the market. Shares
of Facebook came to play on Tuesday a new low of $ 17.55 each, a far cry from the $ 38 to which was released last May 18 with an expected initial public offering (IPO) with gross proceeds of $ 16,000 million.

Short URL: https://www.newspakistan.pk/?p=32202

Posted by Farasat Ali on Sep 5 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry