Chief Operating Officer of Facebook Inc(NASDAQ:FB) , Sheryl Sandberg and two other executives have sold millions of dollars worth of shares this week since restrictions on insider trading ran out.
Sandberg networked about $7.44 million by roughly selling 353,000 Facebook stocks on Wednesday, as per a filing with the SEC. Sandberg is still the owner of 20 million vested stocks including shares held in her trusts.
Theodore Ullyot, General Counsel of Facebook and Chief Accounting Officer of Facebook, David Spillane have reportedly sold shares worth millions of dollars this week, as per the filings. All the sales of executives were a part of pre-arranged stock trading plans.
The social networking giant has become the sole US company to go public with a market value of more than $100 billion. However, the company has seen its worth going down by more than 40%. There have been concerns regarding money-making prospects ever since.
Stocks of Facebook closed on regular session on Friday down 3 cents at $21.18.
Nearly 230 million stocks of Facebook became eligible for trading this week, since trading restrictions for employees ran out. Another 800 million stocks will be available for trading on 14th November, significantly expanding the float of about 692 million Facebook stocks that were offered for trading on 20th September.
Mark Zuckerberg, the 28 year old chief executive of Facebook has committed to not sell stocks before 23rd September. Ullyot has sold a little more than 149,000 stocks on Wednesday and Thursday, thereby collecting $3.13 million. Ullyot has an extra 1.27 million invested stocks.
According to a filling in the month of May, Spillane has sold off 256,000 stocks on Wednesday, which is more than half of his vested shares. Spillane owned more than 863,000 shares of Facebook, which included unvested shares.