CEO Mark Zuckerberg sells Rs 1,600 crore worth of Meta stock; check details here
Meta CEO Zuckerberg sold shares in November as part of a trading plan. In total, he unloaded almost 590,000 shares over the month, according to SEC filings.
- Dec 5, 2023,
- Updated Dec 5, 2023 10:31 AM IST
Whilst Meta’s stock surged in November, reaching almost a two-year peak, Chief Executive Mark Zuckerberg was offloading shares. According to Form 4 filings with the Securities and Exchange Commission, Zuckerberg divested himself of Meta shares each day in November, totalling 560,180 shares sold by November 29. Additionally, a Form 144 filing on Thursday indicated he sought to sell an extra 28,009 shares that same day.
Based on the weighted average prices of these share sales and Thursday’s closing figure of $327.15, the total value of the shares sold amounts to $192.9 million (around Rs 1,600 crore).
The shares sold, indirectly owned by Zuckerberg, were executed for various funds. These sales were disclosed in adherence to the Rule 10b5-1 trading plan initiated on July 31.
The social media behemoth’s stock surged by 8.6% in November, marking a third consecutive month of gains. It reached a peak closing price of $341.49 on November 22, the highest since December 30, 2021, before pulling back.
Most of the shares sold by Zuckerberg were obtained in 2004 as part of a “founder stock purchase.” Nearly 150,000 of the sold shares were acquired at $0 on the days they were sold through the exercising of options acquired in 2013.
Recent filings suggest Zuckerberg still holds approximately more than 365 million shares. As of November 30, he ranked as the ninth wealthiest individual in the world, according to the Bloomberg Billionaires Index.
Although selling over $190 million worth of shares might seem substantial for a single month, considering the daily average trading volume over the past 30 days of 19.18 million shares, more than $6.2 billion worth of Meta shares change hands on an average day.
Also Read Rashmika Mandanna deepfake video: Delhi Police still awaiting response from Meta
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Whilst Meta’s stock surged in November, reaching almost a two-year peak, Chief Executive Mark Zuckerberg was offloading shares. According to Form 4 filings with the Securities and Exchange Commission, Zuckerberg divested himself of Meta shares each day in November, totalling 560,180 shares sold by November 29. Additionally, a Form 144 filing on Thursday indicated he sought to sell an extra 28,009 shares that same day.
Based on the weighted average prices of these share sales and Thursday’s closing figure of $327.15, the total value of the shares sold amounts to $192.9 million (around Rs 1,600 crore).
The shares sold, indirectly owned by Zuckerberg, were executed for various funds. These sales were disclosed in adherence to the Rule 10b5-1 trading plan initiated on July 31.
The social media behemoth’s stock surged by 8.6% in November, marking a third consecutive month of gains. It reached a peak closing price of $341.49 on November 22, the highest since December 30, 2021, before pulling back.
Most of the shares sold by Zuckerberg were obtained in 2004 as part of a “founder stock purchase.” Nearly 150,000 of the sold shares were acquired at $0 on the days they were sold through the exercising of options acquired in 2013.
Recent filings suggest Zuckerberg still holds approximately more than 365 million shares. As of November 30, he ranked as the ninth wealthiest individual in the world, according to the Bloomberg Billionaires Index.
Although selling over $190 million worth of shares might seem substantial for a single month, considering the daily average trading volume over the past 30 days of 19.18 million shares, more than $6.2 billion worth of Meta shares change hands on an average day.
Also Read Rashmika Mandanna deepfake video: Delhi Police still awaiting response from Meta
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine