Zuckerberg to Pocket $1B in Facebook IPO

He's selling 30.2M shares, the second-most anyone is offloading
By Kevin Spak,  Newser Staff
Posted May 4, 2012 7:52 AM CDT
Zuckerberg to Pocket $1B in Facebook IPO
Mark Zuckerberg, CEO of Facebook, makes a speech in this file photo.   (Getty Images)

You know what's cool? A billion dollars. And that's about how much Mark Zuckerberg will be taking home when Facebook finally goes public. The CEO plans to sell off 30,200,000 of his own shares, grabbing somewhere between $845 million and $1.2 billion, according to a segment Reuters found buried in the company's S-1. That may sound like an ungodly amount of money, but a "substantial majority" of it will go straight to Uncle Sam, to pay taxes "he will incur in connection with the option exercise," says Facebook in the S-1 amendment.

Zuckerberg is selling the second-most stock of any current Facebook shareholder, topped only by Accel Partners, which hopes to make $1.2 billion. But never fear, Zuckerberg fans: He's not selling nearly enough to jeopardize his control of the company; he'll still hold a 57.3% voting majority. Facebook is hoping to raise about $10.6 billion overall in the sale, which will value the company just shy of $100 billion. "We haven't ever seen a tech IPO on this grandiose a scale," said one IPO adviser. (More Facebook stories.)

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