Mark Zuckerberg Commits to Not Selling Stock For a Year
Some news out of Facebook tonight.
Mark Zuckerberg has committed to not selling any shares for the next year in a filing with the SEC.
Facebook board members Marc Andreessen and Donald Graham will be selling some Facebook shares, but only to cover a tax bill.
Facebook’s stock has been battered since the IPO, so any news about selling, buying, or standing still is a big deal.
In this case, it looks like good news because big insiders are going to sit on the stock.
One other piece of news in the filing: Facebook is accelerating the lock-up period. Employees will be able to sell shares starting October 29 as opposed to November 14.
Facebook’s stock is up 2% in the after market on the news.
Via: Business Insider