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Facebook COO Sheryl Sandberg sells $91 million of Facebook stock

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Facebook’s 2nd in command and author of the much buzzed-about “Lean In” sold nearly 2.4 million shares of stock last Wednesday amounting to$91 million at an average price of $38 per share, according to a regulatory filing.

Her move this time came just a week after Facebook shares rose above $38 a share Wednesday for the first time since the social network went public in May 2012. The stock has clawed back from a low $17.55 in September.

Sandberg has periodically sold small portions of her holdings since the stock went public, and her recent sale amounts to only about 5% of her holdings with reports pegging her total share to over $1 billion.

Sandberg is using a pre-arranged trading plan, which means she has no control over the specific timing of her sales. Such plans are a common way for top executives to cash in on a portion of their holdings while avoiding accusations of insider trading.

In contrast to Sandberg’s move,  Facebook’s CEO Mark Zuckerberg hasn’t sold any more of his holdingssince he sold 30.2 million shares during the initial IPO. Last September, Zuckerberg said in a filing.

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About Regina Timothy

Editor of TechNews Report. Loves all things technology
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