Facebook friend dumps stock

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iol scitech may 21 facebook headquarters AP The social networking site, which makes �800-million in profits overseas, has siphoned hundreds of millions into an offshore haven to avoid tax payments in the UK and other markets.

London - Facebook founder Mark Zuckerberg’s former university room-mate has dumped £70-million of shares in the company, amid growing unease about its prospects.

Dustin Moskowitz, Facebook’s third employee and the world’s youngest billionaire, joined a host of investors who have cashed in stock.

He sold 5.7m shares for around £68m, adding to nearly £19m he has already sold, but retains a stake worth some £1.5bn.

More than £30bn has been wiped off the firm’s value since it floated in May, amid fears it cannot make money from adverts when Facebook is used via smartphones. - Daily Mail

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