Facebook is selling another $1.5 billion of its stock

Facebook is selling another $1.5 billion of its stockWith its rocky initial public offering now a distant memory, Facebook said today that will make a secondary offering of its stock next week that could raise $1.5 billion. The company said in a blog post that it will sell 70 million shares priced at $55.05, using the proceeds “for working capital and other general corporate purposes.” Meanwhile, CEO Mark Zuckerberg plans to sell 41.3 million of his own shares, with the majority of the proceeds used to pay taxes on the exercise of his stock options earlier this year. Also today, Facebook became an official member of Standard & Poor's S&P 500 Index, which comprises common stocks picked by the financial company. The move, which follows several quarters of strong profits, means Facebook will now be traded as part of the index funds popular with mutual funds and other investment vehicles.

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Facebook is selling another $1.5 billion of its stock

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