Facebook’s IPO has been fairing fairly good so far, staying well up of $30 though a lot lower than the $45 it touched within the first few hours. Nonetheless, Facebook’s CEO Mark Zuckerberg decided to liquidate a part of his stock of Facebook shares to pay off the taxes. As it turns out, the stock has paid him off really well.
Zuckerberg sold a total of 30.2 million shares. The interesting part is that he was able to get a really good deal for his shares, shedding them off at $37.58 a piece. This translates into a total of a whopping $1.2 billion.
He was definitely able to sell off the shares at a really good moment since the stock price has gone considerably lower ever since and ended up barely above $32 today. This marks a total dip of 16 percent from the original offering price which is $38.
According to reports, Zuckerberg sold off these shares mainly to acquire the money to pay off taxes which, for a man of his position, will definitely rakes in millions. Nonetheless, he still has a huge stock of Facebook shares piled up, precisely 503.6 million of them. So he still has a lot left saved up for a rainy day.