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Facebook's Mark Zuckerberg promises to not sell any shares in the social networking site for a year

Mark Zuckerberg vows to not sell any of his shares in Facebook for twelve months

| Business, Financial & Legal News | Posted: Sep 5, 2012 7:31 am

In a move that looks to instil confidence in the quite troublesome stock found in social networking site, Facebook, CEO and founder Mark Zuckerberg has promised not to sell any of his shares in Facebook for twelve months.

 

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The news comes from a filing from Zuckerberg with the SEC. Facebook board members, Marc Andreessen and Donald Graham will be selling some of their shares in the social network, but only to cover a tax bill reports the Business Insider.

 

From this news, it sounds good, as the big players holding stock will be holding their stock for twelve more months. More news has comes out, noting that Facebook employees lock-up periods have been reduced, instead of having to wait until November 14, they can start selling their shares on October 29.

 

Facebook's stock was up 2% on this news after it hit.

NEWS SOURCES:Businessinsider.com

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