Zuckerbrerg and Co. to sell $5.5 billion stock of Facebook IPO

Washington, May 4 (AN): Facebook CEO Mark Zuckerberg and his employees are set raise a solid amount of money following the company's initial public stock offering later this month.

Chief Executive and co-founder Mark Zuckerberg and investors plan to sell as much as 5.5 billion dollars in stock in an anticipated IPO, The Los Angeles Times reports.

They will sell 157.4 million shares for as much as 35 dollars apiece, according to a regulatory filing Facebook filed Thursday.

Zuckerberg will be selling 30.2 million of his 533.8 million shares, proceeds of which will go for paying taxes for exercising stock options. (ANI)