Facebook execs, investors to sell $5.5B in stock in IPO
Mark Zuckerberg to be one of the big sellers, netting $1.1 billion -- much of which will go toward taxes for exercising stock options.
Facebook is about to create a handful of liquid billionaires and millionaires.
Mark Zuckerberg and investors in Facebook plan to sell up to $5.5 billion in stock when the social-networking giant goes public in a few weeks, according to an SEC filing today. Combined, the executives and investors are expected to sell 157.4 million shares for as much as $35 each.
Zuckerberg is expected to sell 30.2 million of his 533.8 million shares, netting him about $1.1 billion, most of which will go toward paying taxes for exercising stock options. Venture capitalist and Facebook board member Jim Breyer plans to sell nearly 38.2 million for about $1.3 billion, while Peter Thiel will offer 7.7 million shares for about $270 million.
The IPO is also giving early investors a chance to cash in on their investment. Venture capital firm Accel Partners, which bought 15 percent of Facebook for $12.2 million in 2005, is expected to sell $1.3 billion in stock.
Digital Sky is expected to sell 26.3 million shares for as much as $919 million, while Goldman Sachs plans to sell 13.2 million shares for as much as $461.6 million.
Others expected to sell shares include Zynga CEO Mark Pincus, LinkedIn Chairman Reid Hoffman, Elevation Partners, and Greylock Partners.
Meanwhile, those holding on their shares include Facebook co-founder Dustin Moskovitz and former Facebook President Sean Parker.