Facebook co-founder sells all Class A shares
Recently, Dustin Moskovitz, co-founder of Facebook Inc(NASDAQ:FB) has now sold all his Class A shares. Earlier, he sold his stocks in small chunks of 150,000 on a daily basis. But last week, he sold all the remaining shares in three distinct trades between September 5 and September 7.
The filing report with Securities and Exchange Commission reveals that Moskovitz, who is now the co-founder of startup Asana made $104 million from these final trades. Starting from the time of lockup expiration, he has sold 7.5 million shares for almost $143 million.
Can FB Rebound After The Recent Slump? Find Out Here
But Moskovitz continues to hold his 126.2 million Class B shares. He cannot sell them on the market unless it converts them to Class A shares. So further offloading will surely not take place immediately.
Facebook closed at $18.98 on Friday, more than 50 percent lower than the listed price of of $38. The only consolation is that it is above the week’s low of $17.55.
Settlement likely in Apple vs. Samsung case
A patent lawyer of a well-known legal firm is of the opinion that Apple Inc.(NASDAQ:AAPL)’s chances of winning an injunction restraining Samsung Electronics from selling its smartphones and tablets is less than 50 percent. This despite the fact that two weeks ago, the court had ruled in Apple’s favor.
According to Peter Misek of Jefferies and Co., the South Korean company will not succeed in reversing the verdict in its entirety while it might be possible to get it partially overturned. Apple on the other hand will probably find it very difficult to get an injunction against Samsung. This is because in the past, the Federal Court has often overturned patent case verdicts passed by district court judges, and in this case it will at least be partly so. Apple has to prove that the amount of damages is insufficient to overcome the loss caused from continuing Samsung sales. The case will be heard on December 6. But it is very likely that the two companies will settle.