Facebook Inc (NASDAQ:FB) insiders, especially Chief Operating Officer Sheryl Sandberg, have been unloading a lot of their stock lately. Unfortunately for the social network, it’s starting to have a real impact on its stock price. In spite of her selloffs though, the executive still holds more than 8 million shares of the company.
Facebook’s Sandberg rakes in nearly $18 million
Regulatory filings with the Securities and Exchange Commission today indicated that Sheryl Sandberg sold about 283,000 shares of Facebook Inc (NASDAQ:FB) for an average of $62.87 per share. That brought her a total of over $17.8 million in paper profits from the stock sale. Nonetheless, the filing shows that she still holds over 8.7 million shares of Facebook worth approximately $547 million.
Facebook gains, Facebook loses
This week Facebook Inc (NASDAQ:FB) came out significantly ahead of earnings estimates when it reported on Wednesday after closing bell. The earnings beat was met with lukewarm reception, however, as investors had already pushed the social network’s stock price up meaningfully in the two days before that report. As of today through, all of this week’s gains have been erased.
Sandberg and other Facebook Inc (NASDAQ:FB) executives have been rapidly selling their shares. Chief Financial Officer David Ebersman has also been unloading shares recently and, in fact, the social network announced with its earnings this week that he is leaving the company.
There have been rumors circulating that Sandberg herself will also leave Facebook Inc (NASDAQ:FB), possibly to run for office. However, she has dispelled those rumors, saying that she enjoys her job with the social network. Some even suggested that she might be unloading her Facebook stock because of plans to leave the company.
However, just as many rumors surrounding popular executives, they were unsubstantiated. Besides, it’s very common for executives to sell their shares, particularly as the company’s stock rises. When you’re talking about a company like Facebook Inc (NASDAQ:FB), which had share price problems for about the first year after its initial public offering, the insider selloffs make even more sense.