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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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.