LinkedIn CEO, CFO among those offloading shares in equity sale

The social network LinkedIn has said shareholders will offer more than 6.7 million shares in a equity sale.

Stock in LinkedIn, which bills itself as the "world's largest professional network, valued at more than $1 billion in 2008, has reportedly risen 74 percent since its initial public offering (IPO) in May.

The company said it was selling the stock to raise money to develop its product, sell services, and buy smaller companies.

LinkedIn Chief Executive Jeff Weiner, chief financial officer Steven Sordello and director David Sze are each selling 10 percent percent of their holdings, according to the LA Times.

LinkedIn co-founder Allen Blue and the head of LinkedIn's international business Arvind Rajan and a venture capital firm run by German software giant SAP are selling a combined 2.5 million shares, worth about $225 million.

Private equity firm Bain Capital, an early investor in the social network, is dumping its entire stake in the company — 3.7 million shares worth more than $275 million, which it bought in 2008 as the largest investor in a $53 funding round, CNN reported.

The sales follow a 180 day "lock-up" agreement following the company's IPO, which expires on Nov. 20.

LinkedIn unveiled plans earlier this month to sell another $100 million of stock, Marketwatch reported.