After Peter Thiel it is Dustin Moskovitz, Facebook Inc(NASDAQ:FB) co-founder and Mark Zuckerberg's roommate in Harvard when they were in the process of working on Facebook.
Moskovitz revealed in a regulatory filing late on Tuesday that he has sold about 450,000 of his shares in Facebook for $9 million at prices ranging between $18.79 and $20.08 a share.
This represents, of course, a small chunk of his total stake in the company, in which he still owns more than 133 million shares.
The filing revealed that he had sold the shares in small lots of 150,000 each over Friday, Monday and Tuesday right after the release of the locked-in shares.
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Moskovitz, who did not sell any shares in the Facebook IPO in May, is eligible to sell seven million more shares that he converted to Class A from Class B. He however left Facebook in 2008 to found his own software company Asana.
Meanwhile in a separate development the U.S. Federal Trade Commission that it has closed its investigation into the proposed acquisition of Instagram by Facebook, taking it one step closer to completing the transaction.
The social networking company now faces a fairness hearing on the transaction but that is not likely to stall or stop the deal in any way though it can delay the closing date of the deal.
"We are pleased that the Federal Trade Commission has cleared the transaction after its careful and thorough review," Facebook said in a statement on Wednesday.
The deal which involves a mix of cash and stock is currently valued at $747 million based on Facebook’s prevailing market price.