Zuckerberg earns $1bln from sale of Facebook shares post IPO

Washington, May 23 (ANI): Facebook founder Mark Zuckerberg has pocketed 1.1 billion dollars after floating his company on the US stock market.

Zuckerberg on Tuesday completed the transaction of the 30.2 million shares he sold in Facebook's IPO on Friday.

The shares he disposed of sold for 37.58 dollars a piece, The Los Angeles Times reports.

According to a document filed with the Securities and Exchange Commission, despite all that money, the Facebook CEO will be spending most of it to cover taxes.

For the third day in a row, Facebook's shares closed at a lower price than at which they opened.

After the stock began trading at 42.05 dollars on Friday, they closed at 31 dollars on Tuesday, the report said.

Facebook's high came on Friday, when shares jumped to 45 dollars for a split second, but they hit a new low Tuesday, sinking to 30.94 dollars at one point. (ANI)