Facebook’s Sheryl Sandberg sells 353,000 Facebook stocks worth $7.4 million

Sheryl Sandberg, Chief Operating Officer of Facebook Inc(NASDAQ:FB) and two other executives have sold shares that worth millions of dollars since restrictions on insider trading ran out.

Sandberg networked approx $7.44 million by selling on Wednesday. Sandberg is still owns 20 million vested stocks including shares in trusts.

Theodore Ullyot and David Spillane two senior executives of Facebook, have reportedly sold shares worth millions of dollars this week. All the share sales by executives were a part of pre arranged stock trading plans.

Facebook has become the sole US company to go public with a market worth of more than $100 billion. However, recently the company’s worth has crumbled don by 40%.
Facebook Shares which were priced at $ 38 in the IPO closed with negative 3 cents at $21.18on Friday.

Roughly, 230 million stocks of Facebook became eligible for trading this week, since trading restrictions for employees ran out. The biggest stock for sales 800 million stocks will be available for trading on 14 November.

Mark Zuckerberg, chief executive of Facebook has committed not to sell stocks before 23 Sept. Ullyot has sold almost 149,000 stocks on Wednesday and Thursday, thereby collecting $3.13 millions. Ullyot holds an extra 1.27 million invested stocks.

Spillane sold more than half of his vested shares i-e 256,000 stocks on Wednesday. Spillane owned more than 863, 000 shares of Facebook Inc, which also included unvested shares,according to a filing in May.

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