Facebook announced in a filing with the Securities and Exchange Commission Friday that the company’s Board of Directors has authorized a buyback of 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.
Shares in Facebook’s Class A shares closed at $117.02 on Friday, down $0.77. The company has a market capitalization of over $377 billion.