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Mark Zuckerberg: I Won’t Sell Facebook Shares for a Year (Mashable)
Some investors and Facebook insiders may be rushing to sell off their stock in the company, but at least one person plans to hold onto his shares for a while: Facebook CEO and co-founder Mark Zuckerberg. Facebook revealed in a filing with the Securities and Exchange Commission on Tuesday that Zuckerberg has “no intention” to sell any of his Facebook shares for at least the next year. VentureBeat According to the document, Zuckerberg holds roughly 444 million shares of Class B common stock and an additional 60 million Class B shares issuable upon the exercise of an option. All of those shares are staying put for the foreseeable future. Bloomberg Facebook shortened the lockup period for certain employees, so 234 million shares will now be available for sale on Oct. 29, instead of Nov. 14. After Tuesday’s amendment, and accounting for the shares that Zuckerberg won’t sell, the total number freed up for sale by insiders through November will shrink to 1.01 billion from 1.44 billion previously, according to the filing. AllFacebook The bad news related to Facebook stock continues to roll in, with analysts for two of the social network’s largest underwriters, Morgan Stanley and J.P. Morgan, lowering their price targets, according to reports. The Wall Street Journal reported that Morgan Stanley Analyst Scott Devitt dropped his price target for Facebook for the next 12 months from $38 per share to $32, warning that it could drop to as low as $17 per share. CNNMoney Zuckerberg will take the stage at this month’s TechCrunch Disrupt conference to make his first public appearance since the company’s tumultuous debut in May. Zuckerberg’s interview will take place on Sept. 11 in San Francisco. Read more