Haute 100 SF Update: Sheryl Sandberg Sells Facebook Shares for $91 Million
Social media giant and Facebook’s Chief Operating Officer Sheryl Sandberg sold nearly 2.4 million shares in the company on August 22 totaling $91 million dollars.
She sold her shares in Facebook at an average price of $38 per share as the stock neared its highest closing levels ever.
According to a form 4 filing with the Securities and Exchange Commission, Facebook shares closed on Thursday at 38.55 dollars, representing a 1.4 percent gain from the May 2012 IPO price but a 45 percent rebound from the day of the company’s last earnings report, which blew through estimates.
Sandberg has sold Facebook shares several times in the past year. Last year alone, she cashed out around $50 million in the months after Facebook went public in May.
The company’s stocks notched a new closing on Friday with 40.55 dollars and the stocks are more popular now than it was at the time of the company’s IPO, the report added.
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[Sources: dnaindia.com; money.cnn.com]
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