Facebook and CEO Mark Zuckerberg are selling close to 70 million shares of Class A common stock, which carries one vote per share, in advance of the company’s being listed on the S&P 500 index. Facebook will use its proceeds from the sale of 27 million shares for working capital and other general corporate purposes, but it does not yet have plans for any specific uses for the money. The company “will have to invest in data centers,” said Trip Chowdhry, managing director of equity research at Global Equities Research. “They have to grow.”
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Facebook, Zuckerberg Unload 70 Million Shares
Posted by: Richard Adhikari December 20, 2013 01:28 PMFacebook and CEO Mark Zuckerberg are selling close to 70 million shares of Class A common stock, which carries one vote per share, in advance of the company’s being listed on the S&P 500 index. Facebook will use its proceeds from the sale of 27 million shares for working capital and other general corporate purposes, but it does not yet have plans for any specific uses for the money. The company “will have to invest in data centers,” said Trip Chowdhry, managing director of equity research at Global Equities Research. “They have to grow.”