NEW YORK (AP) — Facebook is moving up the expiration date of a post-IPO ban on stock sales by employees by two weeks.
Facebook Inc. also said in a regulatory filing Tuesday that CEO Mark Zuckerberg won’t sell stock in the company for at least the next 12 months.
Many of Facebook’s rank-and-file employees can start selling stock they own on Oct. 29 instead of the earlier date of Nov. 14. Facebook says it’s withholding about 101 million shares from its employee stock units to cover taxes they will incur at a rate of about 45 percent. It will then pay the tax obligations, currently estimated at around $1.9 billion, cash and credit.
Facebook’s stock fell to $17.55 in Tuesday trading, its lowest point ever, and closed down 33 cents at $17.73.