Facebook moves up lock-up expiration for employees

Associated Press

NEW YORK (AP) — Facebook says CEO Mark Zuckerberg won't sell stock in the company for at least the next 12 months.

It's also saying that Facebook's rank-and-file employees can start selling stock they own on Oct. 29. That was disclosed in a regulatory filing Tuesday.

Facebook says it's withholding about 101 million shares from its employee stock units to cover taxes they will incur at a rate of about 45 percent. It will then pay the tax obligations, currently estimated at around $1.9 billion, cash and credit.

Facebook's stock fell to $17.55 in Tuesday trading, its lowest point ever, and closed down 33 cents at $17.73.

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