Facebook CEO Mark Zuckerberg

Facebook said Friday that it has priced the 70 million shares that the company and its insiders are promoting 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 to $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.

 

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Facebook will use the proceeds for working capital and different company functions, the corporate said in a 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.