Sheryl Sandberg, the Chief Operating Officer of Facebook Inc., sold around USD91 million worth of shares in the social networking site. This was following Facebook's success to top its initial public offering price of USD38 for the first time since May last year.
According to a regulatory filing, last August 7, 2013, Sandberg sold 2.37 million Facebook shares. This was two days after the social network concluded at a record high of USD39.19 per share. With Sandberg's latest sale, she has sold over 7 million shares, or around 12% of her total stocks since the IPO.
"There's no denying that she has tremendous amounts of equity skin in the game," Stanford Graduate School of Business' professor of accounting, David Larcker, said. "I think it's prudent for diversification and other kind of purposes to take advantage of the value that she has, and put it into alternative things."
The stock of Facebook has increased by 44% this year due to the corporation's growing success in making money from advertising on cell phones. Facebook was projected to attain sales of over USD16 billion by 2017.
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