Facebook Inc (NASDAQ:FB) CEO Mark Zuckerberg is actually quite serious about his pledge to give away all his money. According to a Securities and Exchange Commission document filed Tuesday, the Facebook CEO sold around $300 million in stock over the past month, including a $95 million sale over the past few trading days, reports Re/code.
Zuckerberg taking his pledge seriously
According to the filing, in the past week, Zuckerberg sold around 742,000 shares using his 10b5-1 trading plan. Such a trading plan is used by executives to avoid concerns about insider trading. Since mid-August, this is the third $95 million stock sale the CEO has made. Also it seems like Zuckerberg will continue to do this regularly, says Re/code.
Zuckerberg sold 741,797 shares on September 12 at an average price of $128.07 per share. On August 31, he sold 755,239 shares of Facebook stock at an average price of $125.79. On August 18, he sold 767,905 shares of Facebook stock at an average price of $123.71.
However, investors should not be concerned or surprised by this. According to the filing, Facebook’s CEO has promised to give away nearly all of his Facebook stock over his lifetime, and this sale was made as part of that plan. In addition, Zuckerberg still has around 400 million shares of Facebook stock.
For most people, the large sum of $95 million is a lot, but for the CEO of the social networking giant, it is a little portion of his overall wealth and his ownership in the social media company. As of now, there is no information on where that money will be used.
Selling from other Facebook executives
Apart from Zuckerberg, FB CFO David M. Wehner sold 10,528 shares on August 19 and 22,987 shares on August 15 at average prices of $123.59 and $124.07, respectively. Also Facebook Chief Product Officer Christopher K Cox sold 15,600 shares on September 12 at an average price of $125.98.
COO Sheryl Sandberg sold 327,000 shares on September 7 at an average price of $129.52, while VP and General Counsel Colin Stretch sold 750 shares on September 6 at an average price of $128.27. On September 8, Director Jan Koum sold about 1.57 million shares at an average price of $129.7.
Facebook owns Instagram, Messenger, Oculus, Facebook and WhatsApp. All these products allow people to connect with others and share content through personal computers and mobile devices. On Tuesday, Facebook shares closed down 1.15% at $127.21. Year to date, the stock is down almost 20%, while in the last year, it is up more than 38%.