After Public Offering, Mark Zuckerberg Will Still Control More Than Half of Facebook


Author: Tricia Duryee
Coverage Type: reporting
Location:
Facebook (new HQ), 1601 Willow Road, Menlo Park, CA, United States

Facebook’s founder and CEO Mark Zuckerberg will retain control of the social network, even after completing its impending initial public offering. According to documents filed with the Securities & Exchange Commission, Facebook is seeking to sell 337.4 million shares at between $28 to $35 a share, valuing the company at up to $95 billion. Zuckerberg, who plans to participate in the offering by selling 30.2 million shares, will continue to control 57.3 percent of the company’s voting power once completed. The filing explained that the majority of Zuckerberg’s proceeds from the sale of his shares will be used to pay an enormous tax bill associated with exercising nearly 60 million shares.

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