Mark Zuckerberg, CEO of Meta, Sells Meta Stock Valued at Rs 1,600 Crore; Explore Details Here

Technology

In November, Meta CEO Zuckerberg executed the sale of shares as per a predetermined trading plan, totaling nearly 590,000 shares for the month, as revealed in SEC filings.

While Meta’s stock experienced a surge in November, reaching nearly a two-year peak, Chief Executive Mark Zuckerberg was actively divesting shares. According to Form 4 filings with the Securities and Exchange Commission, Zuckerberg offloaded Meta shares daily throughout November, totaling 560,180 shares sold by November 29. Furthermore, a Form 144 filing on Thursday indicated an additional attempt to sell 28,009 shares on the same day.

Considering the weighted average prices of these share sales and Thursday’s closing figure of $327.15, the cumulative value of the shares sold reached $192.9 million (approximately Rs 1,600 crore).

Zuckerberg’s indirect ownership of the sold shares involved various funds, and these sales were disclosed in accordance with the Rule 10b5-1 trading plan initiated on July 31.

Despite Zuckerberg’s share sales, Meta’s stock witnessed an 8.6% surge in November, marking a third consecutive month of gains. It achieved a peak closing price of $341.49 on November 22, the highest since December 30, 2021, before experiencing a pullback.

Most of the shares divested by Zuckerberg were acquired in 2004 as part of a “founder stock purchase.” Nearly 150,000 of the sold shares were obtained at $0 on the days they were sold through the exercising of options acquired in 2013.

Recent filings indicate that Zuckerberg still holds approximately more than 365 million shares. As of November 30, he ranked as the ninth wealthiest individual globally, according to the Bloomberg Billionaires Index.

While the sale of over $190 million worth of shares might appear significant for a single month, considering the daily average trading volume over the past 30 days of 19.18 million shares, more than $6.2 billion worth of Meta shares change hands on an average day.

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