Facebook insiders continue to sell off some of their shares. This latest round of selloffs includes General Counsel Colin Stretch and Chief Technology Officer Michael Schroepfer.
Facebook insiders unload shares
The most recent transaction was conducted by Vice President and General Counsel Colin Stretch. On March 24, he sold 1,000 shares of Facebook for $84.78 each, leaving him with about 74,000 shares of the social network. At the current valuation, those shares are worth around $6.2 million. Stretch also sold another thousand shares on March 17 for $78.37 each.
Chief Technology Officer Michael Schroepfer’s latest transaction was on March 19. He exercised 25,000 stock options and then turn around and sold them as Class A shares for $81.08 each, raking in $2.03 million. After the sale, he was left with 460,419 Facebook shares valued at around $38.4 million. Schroepfer also exercised some restricted stock options on March 16.
Facebook transactions earlier this month
Going back to March 16, there was another raft of insider share movements. Facebook Inc (NASDAQ:FB) COO Sheryl Sandberg also exercised some restricted stock units on March 16, as did Chief Financial Officer David Wehner, Vice President of Marketing and Business Partnerships David Fischer and Chief Accounting Officer Jas Athwal.
Chief Product Officer Christopher Cox exercised some restricted stock units on March 15 and 16 and then sold almost 21,000 Facebook Inc (NASDAQ:FB) shares in transactions on March 16 for a little under $78 each.
Facebook insider sales expected to continue
As the social network’s stock price continues to rise steadily, it seems very likely that we will continue to see a rash of insider selloffs as those shares burn holes in the pockets of the executives who own them. COO Sheryl Sandberg in particular is sitting on a massive pile of Facebook Inc (NASDAQ:FB) shares. Noticeably absent from the selloff patrol is CEO Mark Zuckerberg, who has long demonstrated his desire to hold onto his shares of the company he founded.
Twitter has also seen a rapid-fire selloff of insider-owned shares of late.