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Zuckerberg slows the sale of shares in Facebook after the crash in the stock market

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The CEO of Facebook, Mark Zuckerberg, will not sell shares in the social network over the next twelve months. The announcement of the company, in a document submitted to the Securities and Exchange Commission in the U.S., matches that of shares on Tuesday. The stock has reached a new low: $ 17.55 each, below the psychologically important $ 18.

The billionaire Zuckerberg “has no intention of carrying out any transaction with our shares for at least twelve months,” the document that has been filed with the SEC. Data from the company on the floor on Tuesday are far from the $ 38 with which it debuted the popular social network last May.

Zuckerberg’s decision is aimed at reducing the number of shares available in the market , and adds to the announcement of two of its directors Marc Andreessen and Donald Graham, that it will only sell the necessary to meet the payment of taxes.

Last month, Peter Thiel, an early investor in Facebook, and one of its co-founders Dustin Moskovitz sold part of their shares in the company.

Also, the social network has explained its plans to buy back 101 million shares, about 4% of the shares available , and that could be sold as deadlines expire following restriction for current employees. In fact, bring forward the completion of this limit from 14 November to 29 October. According to current prices, Facebook spend about 1,900 million dollars to keep these shares out of the market.

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