Facebook Inc (FB) Insider Selloff Continues As Sandberg Unloads More

Facebook Inc (NASDAQ:FB) Chief Operating Officer Sheryl Sandberg unloaded more shares of her company’s stock, according to recent filings with the Securities and Exchange Commission that were spotted by All Facebook. Although she herself still has a stake in the social network, her annuity trust is dumping its entire stake, the filings show. And she’s not the only insider selling right now, as Vice President and General Counsel Colin Stretch also notified regulators he was selling too.

Facebook Inc (FB) Insider Selloff Continues As Sandberg Unloads More

Facebook’s Sandberg gets nearly $60 a share

SEC filings show that Sheryl Sandberg unloaded 283,334 shares of Class A shares of Facebook Inc (NASDAQ:FB). She sold all of those shares on May 5 as part of pre-established trading plan. Executives create trading plans before they sell any of their companies’ stock so that they can plan ahead to sell shares before they have knowledge of any insider information which could affect the company’s stock price. Sandberg received an average price of around $60 per share for the transactions. After selling all of those shares, she still had more than 8.4 million shares of Facebook.

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The same filing showed that the Sheryl K. Sandberg 2008 Annuity Trust, of which she is a trustee, transferred all of its Facebook Inc (NASDAQ:FB) stock to a broker. That amounted to nearly 1.7 million shares. The broker is now tasked with getting the trust the best price possible for the shares.

Other Facebook insiders also sell

Colin Stretch, vice president and general counsel of Facebook Inc (NASDAQ:FB) also said in an SEC filing that he unloaded 20,000 Class A shares of the social network, also for around $60 each. He still held 56,578 shares after that sale.

Other SEC filings this week indicated that Facebook Inc (NASDAQ:FB) Chief Financial Officer David Ebersman and Chief Accounting Officer Jas Athwal also unloaded shares of the social network. Both executives made pretty small sales and continue to hold stakes in Facebook. Few executives hold as many shares as Sheryl Sandberg, probably because of how much stock-based compensation she receives.