Several insiders and early investors have been
dumping Facebook Inc (NASDAQ:FB) stock in the market ever since the expiration
of the lockup period on August 19. This includes cofounder Dustin Moskovitz who
is selling 150,000 shares on a daily basis.
Peter Thiel, an early investor has already sold 20 million shares.
Moskovitz has offloaded 450,000 Class A shares this
week at rates ranging from $19.19 and $19.22.
The stake of Dustin A. Moskovitz Trust is now 6.15 million Class A
shares. The Trust holdings also include
106.8 million Class B shares that have higher voting rights, but can be
converted to Class A anytime.
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FB Rebound? Find Out Here
Facebook has
not had the best of IPOs with controversy raging over how small investors were
kept in the dark about bleak earnings estimates. Since its less than perfect debut, the shares
priced at $38 have been steadily on a downslide and now trade at half the
price. Issues like the company’s mobile
strategy and slowing growth are also bothering investors.
Moskovitz used to be CEO Mark Zuckerberg’s roommate
at Harvard university and handled the programming side of the business in
Facebook’s early days. Being 8 days
younger to Zuckerberg, he holds the title of the world’s youngest self-made
billionaire He quit the social networking giant in 2009 to launch Asana, a task
management web application. Moskovitz
has also done some angel investing. He
is also a founder of philanthropic foundation Good Ventures.
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