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Facebook to raise $1.5B in secondary offering

The social network prices its second batch of shares at $55.05 a piece.

Facebook CEO Mark Zuckerberg
Facebook CEO Mark Zuckerberg
James Martin/CNET

Facebook said Friday that it has priced the 70 million shares that the company and its insiders are selling through a secondary offering at $55.05. Facebook, itself, is selling a little more than 27 million shares, which means it will earn close to $1.5 billion through the sale.

The social network announced earlier this week that it would put the shares up for sale. In the offering, CEO and co-founder Mark Zuckerberg will sell 41.35 million of his own shares and make around $2.28 billion to cover his tax obligations. He is also giving 18 million shares, or nearly $1 billion, to charity. Venture capitalist Marc Andreessen, meanwhile, will offload 1.6 million of his shares.

Facebook will use the proceeds for working capital and other corporate purposes, the company said in a press release.

The offering is expected to close on December 26. Facebook's stock finished Friday at $55.07 and is trading up slightly on the after-hours market.