Zuckerberg to sell 41.1 million shares of Facebook

FacebookLast year Mark Zuckerberg founder of Facebook paid an estimated $1 billion in taxes, which was considered one of the biggest payments ever until now.

According to company filings, the Facebook chief executive officer is selling 41.4 million shares of Facebook which is worth almost $2.3 billion. The company said "most" of the net proceeds will go to pay taxes, which means that over a two-year period, Zuckerberg may be paying between $2 billion and $3 billion in federal and state taxes.

After the sale, Zuckerberg's voting control in the company will go down to 56.1 per cent from 58.8 per cent.

Facebook said, the proceeds from its sale of 27 million shares, worth about USD 1.5 billion, will be used to fund the business, adding that it may be used for future acquisitions.

Marc Andreessen, the venture capitalist investor, is the only other investor who is selling a stake, offering about 1.65 million shares, or about a third of his stake.

JPMorgan Chase is leading the offering, which is expected to take place after the close on Friday, sources said.

The share sale will coincide with the inclusion of Facebook's stock into the S&P 500, which comes just under 19 months after its initial public offering.

Facebook shares, which have more than doubled in value this year, slid 4.3 per cent to USD 53.25 in pre-market activity on Thursday in New York, less than its all-time record close on Wednesday.