Facebook Inc. CEO and founder Mark Zuckerberg is holding onto all his stock in the company for at least a year, despite the decline in value since the company went public earlier this year.
Facebook’s (NASDAQ: FB) stock has been dropping since its initial public offering in May. It closed at its lowest point Tuesday, $17.33 per share — well below its $38 per share IPO price.
Facebook announced Zuckerberg’s plan Tuesday in a U.S. Securities and Exchange Commission filing viewed by some as a way to reassure worried investors, the Los Angeles Times reported.
As the paper reported, company directorPeter Thiel, Facebook’s earliest investor, sold the majority of his Facebook stock last month. Tuesday’s filing also noted that board members Marc Andreessen andDonald Graham plan to sell shares to cover tax liabilities but will not sell additional shares.
Facebook founder Zuckerberg stock dropped from $38 to $17
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