Zuckerberg sells $2,3 billion worth of Facebook stock.
Zuckerberg's sale will reduce his voting power to 56,1 percent, from 58,8 percent, the company said in a statement on Thursday.
19 Dec (Reuters) - Facebook CEO Mark Zuckerberg will sell 41,4 million shares valued at approximately $2,3 billion to pay taxes, as part of an offering of 70 million Class A common shares of the social network.
Facebook shares, which have doubled in value this year, were down 4 percent in pre-market trading.
Zuckerberg's sale will reduce his voting power to 56,1 percent, from 58,8 percent, the company said in a statement on Thursday.
Facebook said it expects Zuckerberg to use the majority of the net proceeds from the transaction to pay taxes related to exercising an option to purchase 60 million Class B shares.
Each Class A share has one voting right, while Class B shares have 10 voting rights and are convertible into a Class A share at any time.
Marc Andreessen, who sits on the company's board, will also sell 1,65 million Class A shares, while Facebook will sell 27 million.
JP Morgan, Bank of America Merrill Lynch, Morgan Stanley, and Barclays are the coordinators of the offering.
(By Sruthi Ramakrishnan in Bangalore)