Zuckerberg cashing out on $2.3B in stock

Zuckerberg cashing out on $2.3B in stock

USA Today: Facebook CEO Mark Zuckerberg is selling $2.3 billion of holdings to help pay taxes.

The social-networking giant said it plans to use the proceeds of the sale for working capital and general corporate purposes. Facebook said it may use a portion of the proceeds for "acquisitions of complementary businesses, technologies, or other assets," according to the regulatory filing.

The stock sale at Facebook arrives just a day before the company joins the S&P 500 Index. Zuckerberg will use the sale to pay off taxes related to exercising an option to purchase 60 million shares.

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