BUSINESS BRIEF

Facebook, Zuckerberg will sell 70M shares

12/20/2013

MENLO PARK, Calif. — Facebook Inc. and Chairman and CEO Mark Zuckerberg are selling a combined 70 million shares of Class A stock as the social media company prepares to join the Standard & Poor’s 500 index.

The offering includes more than 41 million shares from Mr. Zuckerberg, who also will buy Class B shares that carry more voting weight. After a premarket stock dip of more than 4 percent on the news, Facebook’s stock recovered somewhat and closed down less than 1 percent.