Facebook Inc (FB) CFO Dumps All His Stock

Updated on

Facebook Inc (NASDAQ:FB) insiders continue to unload their shares of the social network. In a rare move this time, however, the social network’s chief financial officer unloaded his entire stake, raking in nearly $840,000 in the process.

Facebook Inc (FB) CFO Dumps All His Stock

Facebook CFO, director sell shares

In a filing with the Securities and Exchange Commission on Monday, Facebook Inc (NASDAQ:FB)  Chief Financial Officer David Wehner reported the sale of all of the 11,533 Class A shares of Facebook stock he owned. The executive sold those shares for $72.80 each.

Wehner isn’t the only Facebook Inc (NASDAQ:FB) insider to unload some shares of the social network this week. Director Susan Desmond-Hellmond reported in another regulatory filing that she unloaded 625 Class A Facebook shares at the same price, earning her $45,500 and leaving her with nearly 12,000 shares of the social network.

Last week Chief Technology Officer Mike Schroepfer also sold some Facebook shares. He exercised 20,000 of his restricted stock units last Thursday and then sold them immediately. He made a little more than Wehner and Desmond-Hellmond per share, selling them for $74.01 each.

Facebook keeps rising

The social network’s executives have been gradually frittering away their Facebook shares as the company’s stock has soared higher and higher. The successful transition to mobile has improved investor sentiment, lifting the stock over the last couple of years.

This week a report from Sandvine (spotted by Quartz) indicates just how successful Facebook continues to be in mobile. The report indicates that Facebook Inc (NASDAQ:FB)  makes up approximately one-fifth of all the data used on mobile phones. The social network lags behind only YouTube in terms of data traffic. Facebook’s total mobile traffic has increased approximately 5% since the first six months of this year, and mobile now makes up two-thirds of the company’s ad revenue.

According to researchers at Sandvine, the increase may be due to the auto-play function Facebook Inc (NASDAQ:FB)  added to its mobile video offering this year. Although auto-play can be turned off on mobile devices, the increase in data usage on Facebook suggests that most users haven’t turned it off.

Leave a Comment