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Mark Zuckerberg Will Remain in Power After Facebook IPO

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Zuckerberg Will Remain in Power After IPO

Mark Zuckerberg will retain power of his company even after Facebook goes public.

Even after Facebook goes public later this month, CEO Mark Zuckerberg will retain the majority of the company, according to documents filed with the Securities and Exchange Commission Thursday.

Facebook is looking to sell 337.4 million shares of the company at between $28 to $35 a share. The sell-off would give the company a value between $85 to $95 billion.

The amended S-1 filing shows that Zuckerberg plans to sell 30.2 million shares, which will leave him retaining 57.3 percent of the Menlo Park-based startup.

The filing also says that Zuckerberg will sell of the shares mostly to pay off an enormous tax bill that he will be facing when the company goes public.

Facebook plans to sell about 180 million shares of Class A common stock when it goes public on the NASDAQ under the symbol FB.

Related Topics Facebook, Mark Zuckerberg, IPO
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