Facebook, its CEO, plan sale of 70 million shares

Class A shares will be offered mainly to index funds, Facebook says
Published: December 20, 2013
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In brief

Facebook, CEO

sell shares

— Facebook and Chairman and CEO Mark Zuckerberg are selling a combined 70 million shares of Class A stock as the social media company prepares to join the Standard & Poor's 500 index.

The offering includes more than 41 million shares from Zuckerberg, who also will buy Class B shares that carry more voting weight. After a premarket stock dip of more than 4 percent, Facebook's stock recovered somewhat and was down less than 1 percent in trading on Thursday.

The Menlo Park, Calif., company said Thursday that the Class A shares will be offered mainly to index funds whose portfolios are based on stocks included in the index. The S&P 500 will add Facebook on Friday after markets close. The index is a list of companies that have a market capitalization over $4 billion.

Wednesday's closing price was $55.57 per share.

Associated Press


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