Facebook delays employee stock sale: WSJ
Social network Facebook has delayed a plan to allow its employees to sell their shares in the privately held company because of the global economic downturn, The Wall Street Journal reported on Friday.
The Journal said Facebook chief executive Mark Zuckerberg had notified the startup's employees in an email on Thursday that the stock sale plan would not be proceeding as scheduled.
"I'm writing this note to let you know some bad news," technology website Valleywag.com quoted the email from Zuckerberg as saying. "Despite a lot of work, we have not been able to finalize a plan for the employee stock sale we announced in August."
The plan would have allowed some Facebook employees to sell a portion of their shares vested by November 1 at around a four billion dollar company valuation, the Journal said, citing people familiar with the details.