Facebook Launches First Secondary Offering -- Market Talk
Dec 19 at 06:32
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6:32 EST - Not as if Facebook (FB) is cash poor, but it's selling 27M
Class A shares while CEO Mark Zuckerberg will offer 41.4M, largely "to satisfy
taxes that he will incur upon the receipt of" 60M shares of Class B shares from
exercising options. His personal voting power will drop to 56% from 59% after
the sale, which also includes venture capitalist and board member Marc
Andreessen selling 36% of his stake. Zuckerberg's voting power will also be
curbed fractionally more after an 18M-share stock gift he intends to make this
month. But he remains by proxy in control of another 6.9% of FB shares, which
will drop to 6.7% after the sale--coming after the stock has doubled since July
following an inauspicious first year. FB falls 3.1% premarket to $53.86.
(kevin.kingsbury@wsj.com)
$FB Facebook Down $2 or 5% pre Market - No Position
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