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Facebook To Join S&P 500, Offer 70 Million Shares Of Stock

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A view of and Apple iPhone displaying the Facebook app's splash screen May 10, 2012 in Washington, DC. Social-networking giant Facebook will go public on the NASDAQ May 18 with its initial public offering, trading under the symbol FB, in an effort to raise $10.6 billion. (Brenden Smialowski/AFP/GettyImages)

A view of and Apple iPhone displaying the Facebook app’s splash screen. (Brenden Smialowski/AFP/GettyImages)

MENLO PARK (CBS/AP) — Facebook says it plans to offer 70 million shares of stock for sale that includes more than 41 million shares from chairman and CEO Mark Zuckerberg.

The secondary offering of stock comes as the social media network prepares to join the Standard & Poor’s 500 index.

The Menlo Park, Calif., company said Thursday that the shares will be offered mainly to index funds whose portfolios are based on stocks included in the index. The S&P 500 will add Facebook on Friday after markets close. The index is a list of companies that is meant to be a snapshot of the U.S. economy.

Facebook Inc.’s stock went public in 2012. After a rocky start, the company’s shares have gained momentum.

Its shares fell 4 percent in premarket trading Thursday.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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