Facebook Inc NASDAQ:FB stock has seen intense insider selling activity lately. Senior executives have been unloading shares to reap the benefits of the all-time high prices. Shares of the social networking giant have surged a whopping 85% in the last 12 months. But some Facebook executives have been generous enough to donate their holdings in the company to charity.
Schroepfer donates $3 million worth of Facebook shares
Facebook NASDAQ:FB chief technology officer Mike Schroepfer revealed in his latest SEC filing that he recently donated 40,000 class-A shares of Facebook stock to a charitable entity. Based on the current stock price, 40,000 shares are worth about $3 million. Schroepfer now holds 230,401 class-A shares of the Menlo Park-based company.
Earlier this month, Schroepfer converted 20,000 class-B shares into the class-A stock and then unloaded 20,000 class-A shares at an average price of $72.42 per share. On August 20, Facebook CFO David Wehner offloaded 11,533 class-A shares at $74.96 apiece. Wehner has no remaining Facebook shares. Director Susan Desmond-Hellmann also sold off 625 shares at $74.96 per share. Desmond-Hellmann now owns 11,284 shares of the company.
Other Facebook NASDAQ:FB executives have also unloaded part of their holdings in the last few weeks. Chief accounting officer Jas Athwal sold 6,290 shares of the company on August 15. He offloaded those shares at an average price of $73.57 per share. Athwal now owns 126,711 shares of Facebook. Chief product officer Chris Cox also sold 45,181 shares in a transaction dated August 15 at $73.53 apiece.
Facebook executives have a history of supporting charity
Schroepfer isn’t the only Facebook NASDAQ:FB executive donating shares to charity. The company founder Mark Zuckerberg is a well-known philanthropist who has signed The Giving Pledge. In 2010, Mark Zuckerberg donated $100 million to the ailing schools in Newark, New Jersey. In December 2012, he donated $500 million to the Silicon Valley Community Foundation to improve education and health.
Then in December 2013, Zuckerberg pledged to donate over $1.1 billion to charity. Of that amount, $120 million will go toward improving the public school system in the San Francisco Bay area. According to last year’s Forbes list, Zuckerberg was 21st richest person in the world, ahead of billionaire investors Carl Icahn and George Soros.
Facebook NASDAQ:FB shares gained 0.10% to $75.09 in pre-market trading Tuesday.