Facebook in line for $5bn tax bill from listing

Facebook faces a requirement to raise as much as $5bn through an extra share sale late this year to cover a tax bill for its employees, or as much again as the minimum amount it has already said it plans to raise in its initial public offering in May.The second big share sale is a byproduct of the huge profits that the company’s early executives, along with many of its 3,000 rank-and-file employees, stand to make after the social networking company goes public.Their holdings of restricted stock and options have a combined value of more than $23bn, according to the documents Facebook has filed with US regulators

Source: Financial Express