Home Web Internet Facebook to raise $1.5B in secondary offering

Facebook to raise $1.5B in secondary offering


Facebook CEO Mark Zuckerberg

Facebook said Friday that it had priced the 70 million shares that the company and its insiders promote via a secondary offering at $ fifty-five. 05. Facebook, itself, is promoting somewhat more than 27 million shares; because of this, it’ll earn as regards $1.5 billion in the course of the sale.

The social network introduced prior this week that it would put the shares up for sale. In the offering, CEO and co-founder Mark Zuckerberg will sell forty-one. 35 million of his own shares and make around $2.28 billion to cover his tax responsibilities. He is additionally giving 18 million shares, or virtually $1 billion, to charity. Project capitalist Marc Andreessen, meanwhile, will offload 1.6 million of his shares Being Mad.

Facebook CEO Mark Zuckerberg

Related More Articles

Facebook will use the proceeds for working capital and different company functions, the corporate press release. The offering is expected to shut on December 26. Facebook’s stock completed Friday at $55.07 and is trading up somewhat on the after-hours market.