While many on Wall Street remain skeptical about Facebook, CEO and co-founder Mark Zuckerberg continues to up his stake in the company.
Zuckerberg now owns more than 632 million shares of Facebook stock, giving him a 29.3% stake in the social network, according to an SEC filing released on Wednesday. That's up from the 504 million shares he owned on the day of Facebook's IPO -- after he sold off some 30 million shares to cover taxes -- giving him a 28.2% stake in the company.
In the first few months after the IPO in May, Facebook's stock price dropped by more than half from $38 a share to as low as $17.55 in early September. Right around that time, Zuckerberg gave the stock a boost by pledging not to sell any shares for at least a year -- in a powerful showing of confidence to investors -- but it looks like Zuck has gone even further than that by doubling down on his Facebook holdings.
Facebook's stock was trading at about $28.50 on Thursday morning, an increase of about 2% on the day.