One of the top Facebook Inc. executive and board member Sheryl Sandberg has sold another chunk of her stock in the social-media company as constraints on insider sales lapse.
According to a regulatory filing posted on Thursday, chief operating officer Ms. Sandberg unburdened more than 176,000 Facebook shares, against around $3.8 million.
Ms. Sandberg joined social media’s board in June, sold at a price of roughly $21.24. Facebook shares had weakened about 3.5% to $19.99 as of the closing price on Thursday evening, far from the $38 per share established at the Menlo Park, Calif., company’s initial public offering in May.
Meanwhile according to the filing, Ms. Sandberg still preserves almost 20 million Class A shares following the sale.
Moreover this sale was the second in the matter of days for Ms. Sandberg, who last week sold more than 350,000 Facebook shares at around $21 each.
The transactions appear as so-called lock-up restrictions on insider selling at Facebook expire.
Another report said that after less than a year its massive try to connect much of India to the internet was rejected by the Indian government, Facebook now announced that its latest plan to bring connecting to people is live in the nation.
Social media giant’s Express Wifi is now offered in India, according to its website, months after the company first started trialing the program in distant parts of the country.
Meanwhile the company hasn’t shared the places where Express Wifi program is live at this time, maintaining that the company is still in the process of trials around the service. Furthermore it hasn’t yet revealed pricing details to access the internet service either.