Facebook's Sheryl Sandberg sells $7.4m of shares

Facebook's chief operating officer Sheryl Sandberg sold $7.4m (£4.7m) of Facebook shares last week, the earliest opportunity Facebook executives had to offload stock.

Sheryl Sandberg
Sheryl Sandberg

According to regulatory filings in the US, Sandberg sold 13,392 shares at $20.79 each (worth a total of $278,420) and 339,512 shares at $21.10 each (worth $7.16m) last Wednesday (31 October).

Last week was the first time Facebook executives were able to sell shares since the social network’s ill-fated flotation on the stock market in May when the shares opened at $38.

In its first day of trading the cost of Facebook shares initially climbed above $41 a share but since then they have almost halved in value. At close of play on Friday afternoon shares were trading at $21.18.

However, Sandberg still owns in the region of $420m worth of Facebook shares.

The filling show David Spillane, chief accounting officer of Facebook, sold shares worth $5.38m (256,000 shares at $21.04 each) leaving him with just 160,479 shares.

Mark Zuckerberg, founder and chief executive of Facebook, has committed not to sell any of his Facebook shares before September 2013.

In October Facebook’s results for the third quarter of 2012 showed its total revenues were $1.26bn, up 32% year on year, beating analysts' expectations, while European revenues were $341m, up 17.6% year on year.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Watch the first YouTube clip, nine years on

Watch the first YouTube clip, nine years on

This week marks the ninth anniversary of the first clip uploaded on YouTube, a 19-second video of YouTube co-founder Jawed Karim at the San Diego Zoo.

Share
Yahoo hosts exclusive X-Men: Days of Future Past films

Yahoo hosts exclusive X-Men: Days of Future Past films

Yahoo has partnered with film distributor Twentieth Century Fox to create a global content hub on its Yahoo Movies platform for new release 'X-Men: Days of Future Past'.

Share
My Media Week: Stuart Taylor

My Media Week: Stuart Taylor

This week, Stuart Taylor, chief executive, Kinetic UK, is inspired by the new tech coming to market and how wearables and smart cities will impact on OOH.

Share

Get news by email