Despite attracting millions of users in the past few months, Facebook struggled with gaining new shareholders. In recent reports, even its top guns are exiting shares from the social media mogul.
The most recent of these selling spree was Sheryl Sandberg's. Sandberg is the Chief Operating Officer of Facebook. She reportedly sold almost 170,000 of her shares in the company, according to a filing to the Securities and Exchange Commission last Thursday. Additionally, an estimated 7,000 shares were sold from Sandberg's family trust.
Analysts have predicted the decline of tech firms. Recent reports show that the dominance of companies related to the technology industry has been overtaken by financial institutions.
However, Sandberg still owns a huge amount of shares in the company. Traders said that the exits are not definitive of the internet giant's decline, but it is indicative of what might come in the future.
Shares of Facebook declined on Friday, following a 30% dip from their initial public offering in May.
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