Disappointment For Facebook Employees

24 year old Facebook founder, Mark Zuckerberg has announced that he has had to cancel employees stock sale. He plan to let employees sell a small amount of their shares — no more than $900,000 or 20 percent of their stock holdings, whichever was less.

Zuckerberg who is ranked number 1 in the young entrepreneur rich list with $700 Million told his company today. "I'm writing this note to let you know some bad news," he wrote in an email to all employees at the 800-person social-network startup this afternoon. "Despite a lot of work, we have not been able to finalize a plan for the employee stock sale we announced in August."

Facebook executives had been looking for potential buyers for employees' shares since the summer. But as the value of Google tumbled from its high of $700 last year, would-be investors started asking questions about whether Facebook's value, too, had dropped. Microsoft had invested $240 million in the company for a 1.6 percent stake in the company that valued all of Facebook at $15 billion, but that deal came with extras: Microsoft bought preferred shares, which get paid off first if the company's bought, and it also got an advertising deal with Facebook at the same time.

Unlucky Facebook Employees!