Zuckerberg to sell Facebook shares worth about $2.3 billion

Thursday 19 December 2013 18.10
Mark Zuckerberg set to sell over 41 million Facebook shares
Mark Zuckerberg set to sell over 41 million Facebook shares

Facebook founder and chief executive Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill.

Zuckerberg's sale will reduce his voting power to 56.1% from 58.8%, the company said in a filing today.

Facebook said it expects Zuckerberg to use most of the net proceeds from the sale to satisfy taxes related to the exercise of an option to buy 60 million Class B shares.

Each Class A share is entitled to one vote, while Class B shares are entitled to 10 votes and are convertible at any time into one Class A share.

Board member Marc Andreessen will also sell 1.65 million Class A shares, while Facebook will sell 27 million.