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Mark Zuckerberg earns $1.1 billion from selling Facebook shares

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

The shares he disposed of sold for $37.58 a piece, bringing him a cool $1.1 billion. But despite all that money, the Facebook CEO will be spending most of it to cover taxes, according to a document filed with the Securities and Exchange Commission.

That’s too bad because buying an island or a small country for a billion dollars could have gone a long way in cheering up the leader of a company whose stock keeps tanking.

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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 on Friday, they closed at $31 on Tuesday.

Facebook’s high came Friday, when shares jumped to $45 for a split second, but they hit a new low Tuesday, sinking to $30.94 at one point.

Based on the 503.6 million shares Zuckerberg holds, the newlywed 28-year-old has seen his Facebook fortune go from as high as $22.67 billion to as low as $15.58 billion.

After Tuesday’s close, his shares were worth $15.61 billion.

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