According to latest reports one of the Facebook’s top management and board member Sheryl Sandberg has sold another chunk of her shares in the social networking giant as restrictions on insider sales lapse.
Reports said that Ms. Sandberg unloaded more than 176,000 company’s stock, against almost $3.8 million.
Meanwhile the chief operating officer, who joined the company’s board in June, unloaded at a price of roughly $21.24. Facebook stock had dropped about 3.5% to $19.99 as of the close of trading Thursday, that was a big difference from the $38 per share set at the Menlo Park, Calif., company’s initial public offering in May.
Furthermore, according to the company’s filings Ms. Sandberg still owns almost 20 million Class A shares following the sale. The activity was the second in short period of time for Ms. Sandberg, who last week unloaded above 350,000 Facebook stock at around $21 each.
The transactions followed so called lock-up restrictions on insider selling at Facebook expire. In November a curb on the sale of more than 200 million shares held by insiders failed, for example.
Facebook stock dropped marginally after hours Thursday to $19.91.