Social media behemoth Facebook Inc (NASDAQ:FB) late Friday announced a gigantic new share repurchase plan.
The company’s Board of Directors the buyback of $6 billion of its Class A common stock. The program goes into effect in Q1 of 2017, without any sort of fixed expiration.
Facebook commented via press release:
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.
Facebook shares rose $1.07 (+0.91%) to $118.09 in after-hours trading Friday following the news.