Facebook chief to keep shares

City A.M. Reporter
FACEBOOK has ruled out selling more shares to help cover its near-$2bn tax bill, and has pledged to allow employees to cash in stock ahead of schedule, in a bid to soothe nervous investors as its share price spirals.

Chief executive Mark Zuckerberg will not sell any shares for 12 months, the social network added in a regulatory filing last night.

Shares of Facebook gained 1.8 per cent in after hours trading yesterday to $18.05, around half its price back when the firm floated in May.