The following is an excerpt from Julianne Pepitone | September 5, 2012 | CNN.com |
NEW YORK (CNNMoney) — Some of Facebook’s early investors sold off their stock at the first chance they got, but CEO Mark Zuckerberg is hanging on to his shares for at least the next year.
Zuckerberg, who owns about 444 million shares plus an option for another 60 million, disclosed his plans in a Facebook regulatory filing late Tuesday.
Facebook (FB) shares are down nearly 54% since the company’s IPO in May, and the stock hit a new record low during the trading day on Tuesday. But since Zuckerberg announced he’d be hanging onto his stock, Facebook shares rebounded by nearly 2% in after-hours trading.
The news that Zuckerberg won’t be selling comes after two big Facebook names did dump some of their shares. Early investor Peter Thiel nearly cashed out completely in August, followed by a smaller sale from Facebook co-founder Dustin Moskovitz a few days later.
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