Facebook chief operating officer Sheryl Sandberg and two other executives at the company has sold millions of dollars worth of stock this week after restrictions on insider trading had expired. Ms. Sandberg netted around $7.44 million by selling around 353,000 Facebook shares on Wednesday according to a filing with the SEC on Friday. Ms. Sandberg stills owns around 18.1 million vested shares of Facebook stock.
Facebook General Counsel Ted Ullyot and Chief Accounting Officer David Spillane also sold millions of dollars in stock. These sales were a part of the pre-arranged stock trading plans.
Facebook debuted with a market value of over $100 billion, but the stock price dropped 40% due to financial concerns regarding the long-term revenue plans at the company. Facebook’s stock price opened at $38 during the IPO and plummeted to $21.18 on Friday afternoon.
Around 230 million shares of Facebook became eligible for trading this week after an insider trading “lock-up” provision expired. On November 14, another 800 million shares will become eligible for trading. Facebook CEO Mark Zuckerberg committed to not sell any shares before September 2013.
Mr. Ullyot sold around 149,000 shares on Wednesday and Thursday and made $3.13 million from the sale. He still has around 1.27 million in vested shares. Mr. Spillane sold 256,000 shares on Wednesday, which is more than half of his vested shares for $5.4 million. Mr. Spillane had over 863,000 Facebook shares including unvested shares.