Facebook (FB) Approves $6B Stock Buyback
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Facebook (NASDAQ: FB) disclosed in an SEC filing:
On November 18, 2016, the Board of Directors of Facebook, Inc. (the "Company") authorized the Company to repurchase up to $6.0 billion of its Class A common stock. The repurchase program will go into effect in the first quarter of 2017 and does not have a fixed expiration. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term. The program may be effected through open market purchases or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans.
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