Zuckerberg May Sell $1.67 Billion in Facebook Stock to Pay Taxes
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Mark Zuckerberg may sell about $1.67 billion of Facebook Inc. stock in the company’s initial public offering to pay off taxes he will owe when he exercises options to buy 120 million shares.
The social network’s chief executive officer will owe taxes on gains related to the award of options, the Menlo Park, California-based company said this week in its IPO prospectus. The options were granted to Zuckerberg in 2005 and expire in 2015, and he’ll sell stock to cover liabilities, Facebook said.