Sheryl Sandberg, who is the chief operating officer of Facebook, sold about $91 million worth of shares in the social network after the stock market topped its $38 initial public offering price since May 2012 for the first time.
She sold 2.37 million Facebook shares on Aug 7, according to a regulatory filing. Facebook closed at a record of $39.19, two days earlier.
Chief Executive Officer Mark Zuckerberg has demonstrated that the world’s largest social media network Facebook has surged more then 40 percent this year, and that it has the potential to profit from advertising, as users use their smartphones and tablets. Facebook now has a mobile-ad business that is on track to propel to more then $16 billion by 2017.
Sheryl Sandberg who is second in charge of the free content ad network and has joined Facebook in 2008, still holds more then 14 million shares. She has, over the period, sold stock in the Menlo Park, California-based company since the Initial Public Offering last year.
Late last week US regulatory filings which were released, showed Sandberg offloaded a further 2.37 million shares at an average price of R $38 million, worth $91 million to an ex-Google executive and author of Lean in: Woman, Work, and the Will to Lead.
Last month Mark Zuckerberg has retained his shares, he also said ” that he would not be selling any stock for personal gains until September 2013 at the earliest”
In November 2012, Zuckerberg’s right-hand woman banked approximately $7.44m after she sold around 353,000 of her shares in Facebook as trading restrictions for employees expired. But her latest sale completely eclipses that figure.
Facebook took more then a year to slide past its Initial Public Offering share price only after the company last month satisfied Wall Street with impressive record earnings off the back of strong mobile growth.
Social network Facebook chief operating officer Sheryl Sandberg sells millions in shares recently. What will she do with her wealth?
Written By: Landi Bezuidenhout