Facebook Inc (NASDAQ:FB) Chief Financial Officer David Ebersman has sold off some more shares of his company’s stock. This is the latest selloff from an insider who’s been slowly selling off his stock bit by bit over the last several weeks.
Ebersman sells 23,400 Facebook shares
AllFacebook noted that filings with the Securities and Exchange Commission indicate that Ebersman sold 23,400 shares of Facebook Inc (NASDAQ:FB) Class A common stock on Friday. He sold 11,700 shares for just under $70 a share and the other 11,700 at just under $72 a share. After those sales, he still holds nearly 300,000 shares of Facebook.
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The selling pattern follows Ebersman’s previous patterns. Last month, he sold two more sets of almost 12,000 shares each for between $67 and $70 a share. Clearly, as the price of the social network’s stock edges upward, the more stock he’s willing to sell.
Facebook execs exercise RSUs
Shares of Facebook Inc (NASDAQ:FB) have been steadily climbing since December, rising from under $50 a share to more than $70 a share. And the higher shares of Facebook go, the more Ebersman and other top executives at the social network unload their shares. Such prearranged trading plans certainly make sense for a company with a stock price that struggled for about a full year after its initial public offering. Now executives are starting to turn their paper profits into cold, hard cash by selling their shares and exercising restricted stock units, which are part of their compensation.
Ebersman wasn’t the only Facebook Inc (NASDAQ:FB) executive to unload shares of his company’s stock last month. David Fischer sold nearly 118,000 restricted stock units which are scheduled to expire May 19,2020. Chief Operating Officer Sheryl Sandberg also unloaded some restricted stock units last month, selling more than 43,000 of them. Sandberg recently became a billionaire and sold 280,000 of her shares at a near record high for the social network’s stock.