The bosses of popular social networking site Facebook have said no to selling off even more of its shares in a bid to pay up on a tax bill that is nearing $2 billion, Facebook bosses fear that selling off more shares to pay off the debt will only result in their share price falling even further than it already has.

It's also come out that Facebook employees are upset that they are not allowed to sell off more of their own shares in the company even though the share price has been steadily falling for some time now, although the company has allowed to let the staff sell of some shares earlier, but is on damage control to prevent nearly $2 billion worth of shares hitting the market, which would no doubt upset many of the current investors in the site.

Since Facebook started selling shares after going public in May they have lost more than half of the market value already, on Tuesday it was said that outstanding shares will be reduced by around 101 million shares as a result. Facebook is set to cover the tax bill with existing cash and borrowing from credit facilities in the meantime.

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