Zuckerberg, along with the Menlo Park, Calif., company and board member Marc Andreessen, said this week that they would offer 70 million shares of Class A stock in a follow-on sale. It is Facebook’s first follow-on offering since its initial public offering in May 2012.
The offering, which would raise $3.85 billion, comes as Facebook joins the Standard & Poor’s 500 index. The new shares will mostly be offered to index funds that track the S&P. The closing is expected Dec. 26, according to Facebook.
Facebook shares rose slightly Friday, closing at $55.12. They have more than doubled this year.
Zuckerberg is offering more than 41 million shares of Facebook. The CEO, who is selling the shares to help pay taxes, will buy Class B shares that have greater voting power, so he will maintain his control over Facebook.
Facebook will offer about 27 million shares, and Andressen 1.6 million.