(Reuters) - Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares.
Facebook shares, which have doubled in value this year, were down 4 percent at $53.54 before the bell.
Zuckerberg's sale will reduce his voting power to 56.1 percent from 58.8 percent, the company said in a filing on Thursday.
Facebook said it expects Zuckerberg to use most of the net proceeds from the sale to satisfy taxes related to the exercise of an option to buy 60 million Class B shares.
Each Class A share is entitled to one vote, while Class B shares are entitled to 10 votes and are convertible at any time into one Class A share.
Board member Marc Andreessen will also sell 1.65 million Class A shares, while Facebook will sell 27 million.
J.P. Morgan, BofA Merrill Lynch, Morgan Stanley and Barclays are joint bookrunners for the offering.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)
Earlier on HuffPost:
At A Press Conference
Mark Zuckerberg speaks to reporters at Harvard University in Cambridge, Massachusetts. (AP Photo/Steven Senne)
During A Business Convention
Facebook CEO Mark Zuckerberg talks about the social network site's new privacy settings in Palo Alto, California. (AP Photo/Marcio Jose Sanchez, File)
At A Panel Discussion
Mark Zuckerberg is the most dressed down of all the Facebook executives during the Facebook f8 Developer Conference at the San Francisco Design Center. (Photo by KIMIHIRO HOSHINO/AFP/Getty Images)
During An Interview
Robin Roberts, host of "Good Morning America," interviews Mark Zuckerberg in Menlo Park, California.
At Harvard University
Mark Zuckerberg speaks with Harvard President Drew Faust on the school's campus in Cambridge, Massachusetts. (AP Photo/Harvard University, Kris Snibbe)
Mark Zuckerberg and his girlfriend Priscilla Chan during their private trip to Ha Long Bay in the northeastern province of Quuang Ninh. (Photo by Gia Dinh Xa Hoi/AFP/Getty Images)
At A News Conference
Mark Zuckerberg and Skype CEO Tony Bates speak during a news conference at Facebook headquarters in Palo Alto, California. (Photo by Justin Sullivan/Getty Images)
While Meeting The President
Even though he is wearing a tie, we're still counting it against him for wearing jeans to this town hall meeting at Facebook headquarters in Palo Alto, California. (Photo credit by MANDEL NGAN/AFP/Getty Images)
During A Promotional Video
A woman watches Facebook founder and CEO Mark Zuckerberg speaking in a promotional video ahead of the company's IPO in Washington. (Photo credit by MLADEN ANTONOV/AFP/GettyImages)