Facebook founder Mark Zuckerberg is cashing in $2.3 billion (£1.4 billion) of shares in the social network giant.
The 29-year-old is selling 41.4 million of his class A common shares as part of an offering, announced today, by the company of 70 million shares. The shares fell as much as 4% in pre-market trading in the US after the announcement of the offering.
Zuckerberg is expected to use most of the money to pay off a tax bill from exercising an option to buy 60 million class B shares, the company said. It added that its proceeds will go towards funding the business, and could also be used for acquisitions.
Facebook itself is selling 27 million shares while board member and venture capitalist Marc Andreessen is disposing of 1.65 million. The sale will see Zuckerberg’s voting power fall to 56.1% from 58.8%.
Class A and class B shares are entitled to one vote and 10 votes respectively, with the latter able to be converted into the former.
