Facebook Employees Selling Stock Starting November 1
Facebook’s plan to let employees sell vested shares at a $4 billion valuation to outside investors is going into effect November 1, Valleywag reports. According to the rumors, the company has a right of first refusal over any employee stock sales, which could effectively make the sales a buyback operation.
Facebook’s program will let shareholders sell at $8.90 a share, which represents a company valuation of $4 billion; some buyers are offering $11 a share. If too many transactions go through at the higher price, Facebook may have to revalue its shares, which will have untoward tax implications for the company and other employees.
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