Facebook CEO commits to lock his stock for 12 months
Facebook CEO Mark Zuckerberg has no intention to sell his stock for at least 12 months, said the social network company in a regular public file Tuesday, Xinhua reported.
According to a memo with the U.S. Securities and Exchange Commission (SEC), Zuckerberg will make none of his 504 million shares reach the market for at least 12 months, and he would have to inform SEC in advance if he wants to release any of his stake.
Zuckerberg's Facebook shares currently are worth about 8.9 billion U.S. dollars.
Meanwhile, Facebook extended the lockup expiration date, after which some employees will be able to sell their shares, to Oct. 29 from Nov. 14, when more than 1 billion shares will be free to enter the market.
Some Facebook insiders, including co-founder Dustin Moskovitz and early investor Peter Thiel, have begun to sell their shares in the company.
Facebook closed at 17.73 dollars on Tuesday while it priced its IPO at 38 dollars per share in May.