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Monday, March 04 2024
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Mark Zuckerberg sells nearly $190 mn in Meta’s shares

Meta Founder and CEO Mark Zuckerberg sold around $190 million in the company’s stock last month, the media reported.Zuckerberg sold Meta shares every day in November
Photo Credit : IANS

San Francisco: Meta Founder and CEO Mark Zuckerberg sold around $190 million in the company’s stock last month, the media reported.

Zuckerberg sold Meta shares every day in November, for a total of 560,180 shares last month, reports Market Watch.

According to Form 4 filings with the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29.

With the stock closing of $327.15, the value of the shares sold would be $192.9 million, the report noted.

The bulk of the shares sold were acquired in 2004 as part of a “founder stock purchase.”

Nearly 150,000 of the shares sold were acquired for $0 on the days they were sold through the exercising of options acquired in 2013, according to the report.

Meta registered $34 billion in revenue in its third quarter, up 23 per cent from the same quarter last year.

Total costs and expenses were $20.40 billion, a decrease of 7 per cent (year-over-year) in the September quarter. Net income rose 164 per cent from a year earlier to $11.58 billion in the quarter.

However, the company is still burning cash with its Reality Labs division and Meta expects its operating losses there to increase “meaningfully” year-over-year. Meta’s AR-VR division has lost close to $25 billion since the start of last year.

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