This morning, Facebook (NASDAQ:FB) announced it would offer 70 million Class A shares in a stock sale, just days before the company is going to be added to the S&P 500 Index. The shares will be mostly offered to index funds that track the S&P 500 as the funds will need to add Facebook to correctly track the underlying index. Facebook noted that CEO Mark Zuckerberg would sell 41 million Class A shares in the offering, but that the proceeds would be used to pay a tax bill associated with his purchased of 60 million Class B shares. Class B shares carrry ten times the voting power as Class A shares, bringing Zuckerberg's voting power to nearly 63% after the transactions are completed. In early trading, shares of Facebook were headed lower.
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