Tech stocks: Zuckerberg to sell some Facebook shares

10:46 AM, Dec 19, 2013   |    comments
Picture of the homepage of Facebook website in Spanish language taken in Buenos Aires on May 10, 2012. Social-networking giant Facebook will go public on the NASDAQ May 18 with its initial public offering, trading under the symbol FB, in an effort to raise $10.6 billion. AFP PHOTO/JUAN MABROMATA (Photo credit should read JUAN MABROMATA/AFP/Getty Images)
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USA TODAY - Shares of Facebook have slipped 1.6% in morning trading after the social network announced it would offer 70 million shares for sale.

The Associated Press reports the number includes 41 million from Facebook CEO Mark Zuckerberg, who plans on buying a separate class of shares "that carry more voting weight." The shares Zuckerberg will sell are worth $2.3 billion.

The stock offering comes as Facebook gets ready to join the S&P 500 Index starting Friday.

Facebook stock has rebounded this year after launching its IPO in 2012. The company's stock price has more than doubled since late July, and is currently trading at $54.09.

Meanwhile, ailing smartphone maker BlackBerry will report third quarter earnings Friday. This will be the first earnings report under interim CEO John Chen, who replaced Thorsten Heins last month.

(Copyright © 2013 USA TODAY)

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