News of Sandberg’s stock offload causes shares to fall to $21.18.
According to a filing with the Securities and Exchange Commission (SEC) Sheryl Sandberg has sold over 350,000 shares of Facebook stock valued at $7.4m.
According to Reuters, Sandberg is the first to unload stock on Facebook’s executive team. Two other executives for Facebook are also selling stock after the lift on insider trading restrictions.
Facebook CEO, Mark Zuckerberg revealed in a September 2012 filing to the Securities and Exchange Commission that the social network’s CEO will not be selling his Facebook stock for at least a year.
"Mark Zuckerberg …has informed us that he has no intention to conduct any sale transactions in our securities for at least 12 months," said the company in a SEC filing. "Mr. Zuckerberg currently holds in aggregate approximately 444 million shares of Class B common stock as well as 60 million shares of Class B common stock issuable upon the exercise of an option."
The CEO, however, sold more than 30 million Facebook shares shortly after the company went public to help pay off his taxes.
Facebook’s stock, which closed at $21.18 on Friday, has fallen a long way from its initial $38 in its IPO.
Last month early investors were given the OK to sell their Facebook shares for the first time.
The ending of the lockout period for early investors saw an offload of more than 270 million shares in one day.
Although the social network’s stock prices are suffering, its Q3 revenues increased by 32% compared to the same period last year.
The company’s revenue totalled $1.26bn compared to $954m in the third quarter of 2011.
Facebook’s revenue predominantly came from advertising which was $1.09bn, accounting for 86% of the social network’s revenue.
GAAP net loss for the third quarter was $59m compared to a net income of $227m during the same period in 2011.
Facebook has been working hard to make strides in the mobile area, which the company told investors was its weak spot before going public.
The company launched mobile app install ads recently, and generated 14% of its advertising revenue during Q3 from mobile. Facebook has also rebuilt Facebook for iOS and recently closed its Instagram acquisition.
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