Facebook moves up lock-up expiration for workers
A magnifying glass is posed over a monitor displaying a Facebook page in Munich. (AP / Joerg Koch)
Published Tuesday, September 4, 2012 9:43PM EDT
Last Updated Tuesday, September 4, 2012 9:45PM EDT
NEW YORK -- Facebook says CEO Mark Zuckerberg won't sell stock in the company for at least the next 12 months.
It's also saying that Facebook's rank-and-file employees can start selling stock they own on Oct. 29. That was disclosed in a regulatory filing Tuesday.
Facebook says it's withholding about 101 million shares from its employee stock units to cover taxes they will incur at a rate of about 45 percent. It will then pay the tax obligations, currently estimated at around $1.9 billion, cash and credit.
Facebook's stock fell to $17.55 in Tuesday trading, its lowest point ever, and closed down 33 cents at $17.73.