Facebook CEO Mark Zuckerberg commits to not sell his shares for 12 months

Facebook CEO Mark Zuckerberg has no intention to sell his stock for at least 12 months, the social network company said in a regular public filing.

Zuckerberg's Facebook shares are currently worth about $8.9 billion.

Facebook co-founder Dustin Moskovitz and early investor Peter Thiel have already begun to sell their shares in the company.

According to a memo with the US Securities and Exchange Commission (SEC), Zuckerberg will make none of his 504 million shares reach the market for at least 12 months, and he would have to inform SEC in advance if he wants to release any of his stake.

Meanwhile, Facebook extended the lockup expiration date - after which some employees will be able to sell their shares - to October 29 from November 14. More than 1 billion shares of the social network will be free to enter the market.

With inputs from IANS