While many on Wall Street remain skeptical about Facebook, CEO and co-founder Mark Zuckerberg continues to up his stake in the company. Zuckerberg now owns more than 632 million shares of Facebook stock, giving him a 29.3% stake in the social network, according to an SEC filing released on Wednesday. That’s up from the 504 million shares he owned on the day of Facebook’s IPO — after he sold off some 30 million shares to cover taxes — giving him a 28.2% stake in the company. In the first few months after the IPO in May, Facebook’s stock price dropped by more than half from $38 a share to as low as $17.55 in early September. Right around that time, Zuckerberg gave the stock a boost by pledging not to sell any shares for at least a year — in a powerful showing of confidence to investors — but it looks like Zuck has gone even further than that by doubling down on his Facebook holdings.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.