NEW YORK – Facebook’s stock rose nearly 5 percent on Wednesday after a disclosure that its CEO, Mark Zuckerberg, won’t sell stock in the company for at least a year.
Zuckerberg holds about 504 million shares and options and had been eligible to start selling them in November. The company currently has about 692 million shares eligible for sale. The concern is that if Zuckerberg floods the market with additional shares, prices would go down further.
The stock is still trading at less than half of the $38 that it went for in its May initial public offering. It gained 86 cents to close at $18.59.
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