Sheryl Sandberg, chief operating officer of Facebook Inc (NASDAQ:FB) recently disposed some of her stake in the social network giant based on her regulatory filing with the Securities and Exchange Commission (SEC).
The filing showed that Sandberg sold 7,600 shares and 275,734 shares of the common stock of Facebook Inc (NASDAQ:FB) at $47.2222 and $46.8852 per share, respectively, on November 20. In addition, she gifted 212,630 shares on November 13, and another 187,370 shares on November 14.
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Sandberg only sold 5% of stake
Last August, Sandberg sold 2.3 million shares of Facebook Inc (NASDAQ:FB) when the stock price of the company reached its IPO price at $38 a share for a total of $91 million. The number of shares she sold at the time represents only 5% of her total stockholdings in the social network giant.
Aside from Sandberg, other Facebook executives also sold some of their stake in the company including CFO David Ebersman, Engineering VP Michael Schroepfer, General Counsel Colin Stretch, Chief Accounting Officer Jas Athwal and Marketing Vice President David Fischer.
In September, Mark Zuckerberg, CEO of Facebook Inc (NASDAQ:FB) said he will not sell his shares in the company for at least one year.
Meanwhile, Sandberg addressed the issue on the declining number of teen users on the social network giant’s platform. She rejected reports that Facebook Inc (NASDAQ:FB) is experiencing a problem with teen users and opined that the media exaggerated Ebersman’s statement during the recent earnings call of the company.
According to her, “So I think the reaction to that comment has been blown out of proportion. As we said on the earnings call, overall U.S. teen usage of Facebook remains stable. The vast majority of U.S. teens are on Facebook. And the majority of U.S. teens use Facebook almost every day.”
India set to become Facebook’s #1 market
A separate report indicated that users in India have a great appetite for the social network. Analysts observed that India is one of the fastest growing markets for Facebook Inc (NASDAQ:FB) with 47% growth in user registration.
Nathan Eagle, founder and CEO of Jana, a social marketing and global research firm projected that India will soon replace the United States as the number-one market for the social network giant.