Facebook's chief operating officer sells $9m in stock
SAN FRANCISCO (Reuters) - Facebook's 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 US$7.44 million (S$9 million) by selling roughly 353,000 Facebook shares on Wednesday, according to a filing with the SEC on Friday. Sandberg still owns roughly 20 million vested shares of Facebook stock, including shares held in her trusts, 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 trading plans.
The sales are the first by Facebook's senior management following the company's high-profile initial public offering in May.