| SAN FRANCISCO
SAN FRANCISCO Nov 2 Facebook Inc Chief
Operating Officer Sheryl Sandberg and two other executives at
the social networking company sold millions of dollars worth of
stock this week as restrictions on insider trading expired.
Sandberg netted about $7.44 million by selling roughly
353,000 Facebook shares on Wednesday, according to a filing with
the SEC on Friday. Sandberg still owns 18.1 million vested
shares of Facebook stock, according to the filing.
Facebook General Counsel Theodore Ullyot and Chief
Accounting Officer David Spillane also sold millions of dollars
worth of shares this week, according to filings. All the
Facebook executives' sales were part of pre-arranged stock
The sales are the first by Facebook's senior management
following the company's high-profile initial public offering in
The world's No.1 online social network became the only U.S.
company to debut with a market value of more than $100 billion,
but has seen its value plunge more than 40 percent since then on
concerns about its long-term money-making prospects.
Shares of Facebook, which were priced at $38 in the IPO,
closed Friday's regular session down 3 cents at $21.18.
The flood of shares set to hit the market as insider trading
"lock-up" provisions expire in several phases have added to the
pressure on Facebook's stock.
Roughly 230 million shares of Facebook became eligible for
trading this week, as trading restrictions for employees
expired. Another 800 million shares will be eligible for trading
on Nov. 14, significantly expanding the "float" of roughly 692
million Facebook shares that were available for trading as of
Facebook's 28-year-old chief executive, Mark Zuckerberg, has
committed to not sell any shares before September 2013.
Ullyot sold slightly more than 149,000 shares on Wednesday
and Thursday, collecting $3.13 million. Ullyot has an additional
1.27 million in vested shares.
Spillane sold 256,000 shares on Wednesday, more than half of
his vested shares, for proceeds of $5.4 million. Spillane had
more than 863,000 Facebook shares, including unvested shares,
according to a filing in May.