Mark Zuckerberg has lost more than half of his IPO fortune over the last several months; now Facebook has announced that the famed CEO will not be pawning off any of his shares in the near future to earn a quick buck. With Facebook shares closing at $17.73 in yesterday’s trading, Facebook executives told the Wall Street Journal that Zuck plans to hold onto his shares for at least one year.
Executives then went on to showcase a new plan of action meant to protect the company’s share price after restricted shares are allowed to be sold later in the year.
Speaking about the need for Mark Zuckerberg to take the reigns and instill investor confidence, a crisis management consultant tells the Los Angeles Times:
“Clearly, he has to do something, having spent the last few years in flip-flops and a hoodie, pontificating about how Facebook is going to change the world.”
That same consultant notes:
“I think what people are going to need now is a road map that, among other things, answers the question: What is a reasonable expectation for this company’s future?”
Facebook has taken great strides to turn around its sinking ship. Recently, the company released its much improved mobile OS for Apple devices. Facebook has said on numerous occasions that its greatest earning potential is in the mobile sector, a fact it will now get to prove to investors. Facebook has also began to roll out new types of sponsored ads meant to target a users news feed rather than low performing sidebar locations.