Facebook Inc (FB): Zuckerberg Forced To Sell Stock

facebookIt wasn’t that long ago (September of 2012,) that Mark Zuckerberg steadfastly insisted he would never sell any of his shares in Facebook Inc (NASDAQ:FB) stock.

Time and circumstances have a funny way of changing things, and according to a SEC filing released on Friday, February 7, 2014, Zuckerberg had to eat his words.

Zuckerberg Forced to Sell $2.3 Billion in Stock Shares

According to Mashable, Zuckerberg sold $2.3 billion worth of stock to “cover taxes bills for options he had exercised.”

The stock was sold in December, 2013, but the SEC filing was dated February 7, 2014. (Related: Facebook Inc (FB) Isn’t In A Death Spiral)

According to the document, although he still owns a whopping 478,914,465 million shares of Facebook stock, the sale reduced his stake in all of Facebook stocks to 19.6 percent.

Facebook Stock Value for 2013 Nearly Doubles

The day Facebook’s IPO went public, Mark Zuckerberg owned 28.2 percent of his company’s total shares.

Through very methodical planning and investing, he increased his ownership to 29.3 percent, within a few short months after the company went public. By February of 2013, he’d increased his holdings to almost 30 percent.

Investors, no doubt, are aware that Zuckerberg was adamant about insisting he wouldn’t relinquish any of his stake in the company he founded.

The news that he dumped $2.3 billion worth of shares to pay tax bills, may make people wonder about the stability of the company and how secure their investment is. There is no reason to be concerned.

Facebook had an incredibly profitable year in 2013. The move towards mobile applications and mobile advertising. (Related: Facebook Inc (FB): The Death Of Social Media?)

According to Mashable, as of January, 2014, thanks to Facebook’s phenomenal growth, and stock values that almost doubled throughout 2013, Zuckerberg’s net worth increased by $12.4 billion for the year, a figure that was corroborated by Bloomberg’s Billionaires Index.

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