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Mark Zuckerberg and others to sell $5.5 billion in Facebook IPO

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Facebook is about to create some overnight liquid millionaires and billionaires as they cash in on the company’s initial public stock offering later this month.

Chief Executive and co-founder Mark Zuckerberg and investors plan to sell as much as $5.5 billion in stock in the hotly anticipated IPO. They will sell 157.4 million shares for as much as $35 apiece, according to a regulatory filing Facebook filed Thursday.

Zuckerberg will sell 30.2 million of his 533.8 million shares. Most of the proceeds will go to paying taxes for exercising stock options.

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The IPO is also giving early investors a chance to cash in including Accel Partners, which invested in Facebook in 2005. The venture capital firm put $12.2 million into Facebook and owns 11.3% of the company’s Class B shares. That stakes is now worth billions.

Among those also selling shares: Mark Pincus, CEO of Zynga, and LinkedIn Chairman and venture capitalist Reid Hoffman. They are selling part, not all, of their stakes.

Co-founder Dustin Moskovitz is not selling any shares.

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