By Vikas Shukla
As soon as “lock up” period expired, Facebook Inc (NASDAQ:FB) top management, including COO Sheryl Sandberg, have started dumping the company shares. It resulted into a 3 percent decline in
Facebook share prices, the biggest drop in the last two months. According to an SEC filing, Sandberg sold approximately 353,000 Facebook shares on Wednesday for about $7.44 million. Sheryl Sandberg still owns about 20 million vested Facebook shares, some of them held in her trust.
General counsel Theodore Ullyot, who once worked for AOL, Inc. (NYSE:AOL), sold 149,000 shares on Wednesday and Thursday for $3.13 million. Chief Accounting Officer David Spillane sold 256,000 shares, collecting $5.4 million. Now he holds just 160,479 shares.
It’s the first time that the senior management is selling Facebook Inc (NASDAQ:FB) shares after its disastrous IPO in May.
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