Mark Zuckerberg earns $1billion from sale of Facebook shares after IPO

Facebook founder Mark Zuckerberg has pocketed $1.1 billion after floating his company on the US stock market.

Zuckerberg on Tuesday completed the transaction of the 30.2 million shares he sold in Facebook's IPO on Friday.

The shares he disposed of sold for 37.58 dollars a piece, The Los Angeles Times reports.

According to a document filed with the Securities and Exchange Commission, despite all that money, the Facebook CEO will be spending most of it to cover taxes.

For the third day in a row, Facebook's shares closed at a lower price than at which they opened. After the stock began trading at $42.05 on Friday, they closed at $31 on Tuesday, the report said. Facebook's high came on Friday, when shares jumped to $45 for a split second, but they hit a new low Tuesday, sinking to $30.94 at one point.