Facebook CEO and founder Mark Zuckerberg is selling 41.4 million shares of Facebook stock that are worth about $2.3 billion. He will use the money to pay a tax bill related to his exercising an option to buy 60 million Class B shares. The transaction is related to Facebook's secondary offering of 70 million Class A shares. The shares are going to be offered primarily to index funds now that Facebook will be a part of the S&P 500 as of the close of trading on December 20.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Video

Investors Shouldn't Be Worried About Trump's Trade Tariffs: Ian Bremmer

Investors Shouldn't Be Worried About Trump's Trade Tariffs: Ian Bremmer

Abercrombie & Fitch CEO Reveals to TheStreet How She Is Turning Company Around

Abercrombie & Fitch CEO Reveals to TheStreet How She Is Turning Company Around

The Chart Professor: Worried About United Technologies Right Here

The Chart Professor: Worried About United Technologies Right Here

Veteran Foreign Affairs Expert Ian Bremmer Reveals How to Price Political Risk

Veteran Foreign Affairs Expert Ian Bremmer Reveals How to Price Political Risk

Jim Cramer: I've Liked Six Flags Entertainment Stock as an Income Producer

Jim Cramer: I've Liked Six Flags Entertainment Stock as an Income Producer