Insider sell-off of Facebook Inc (NASDAQ:FB) stock continues this week with more sales from Chief Accounting Officer Jas Athwal and Chief Product Officer Christopher Cox. Regulatory filings with the Securities and Exchange Commission show that both officers sold thousands of shares.
Facebook’s Cox exercises restricted stock units
According to an SEC filing dated June 3, CPO Christopher Cox exercised a set of restricted stock units that were set to expire on Aug. 25, 2019. He disposed of 11,371 restricted stock units on June 1 and turned them into Class B shares. Then he sold off nearly 6,000 Class A at a price of $63.22 per share on June 2.
That left him with more than 580,000 shares of Facebook Inc (NASDAQ:FB) remaining under his direct ownership and approximately 173,000 shares under indirect ownership through a couple of his trusts.
An SEC filing dated June 3 indicates that CAO Jas Athwal sold 3,000 Class A shares of Facebook Inc (NASDAQ:FB) at a price of $63.22 per share. That left him with 132,166 shares of the social network remaining, all of which are directly owned by him.
Athwal has been gradually selling off shares of Facebook Inc (NASDAQ:FB) for months, as have several other insiders. He’s been selling shares several times a month, according to regulatory filings.
Facebook insiders gradually sell
Chief Operating Officer Sheryl Sandberg, Chief Financial Officer David Ebersman, and Chief Technology Officer Michael Schroepfer have all been dumping shares of the company for quite some time. More recently, several of the social network’s directors began selling as well. Among the directors who have dumped Facebook stock recently are Mark Andreessen, Reed Hastings, Susan Desmond-Hellmann, Donald Graham, Erskine Bowles and Peter Thiel.
Cox has really only been selling shares since the beginning of May. Facebook Inc (NASDAQ:FB) CEO Mark Zuckerberg has mostly been holding onto his shares of the social network.