Facebook moves up lock-up expiration for employees

Facebook in a regulatory filing on Tuesday said that the company's rank-and-file employees can start selling stock they own on October 29.

The company also said Facebook CEO Mark Zuckerberg won't sell stock in the company for at least the next 12 months.

Facebook says it's withholding about 101 million shares from its employee stock units to cover taxes they will incur at a rate of about 45 percent. It will then pay the tax obligations, currently estimated at around $1.9 billion, cash and credit.

Facebook's stock fell to $17.55 in Tuesday trading, its lowest point ever, and closed down 33 cents at $17.73.

With Associated Press inputs