Mark Zuckerberg Sells Nearly $428 Million Worth of Meta Platforms Inc. Shares
Mark Zuckerberg, the co-founder and CEO of Meta Platforms Inc., recently made a significant move by selling close to 1.8 million shares of the company's stock. This transaction took place over the final two months of 2023, as reported in a regulatory filing with the U.S. Securities and Exchange Commission.
Zuckerberg's decision to sell his shares was based on a Rule 10b5-1 trading plan that he adopted in July. The timing proved to be profitable, as Meta's stock price experienced a remarkable rally throughout 2023. In fact, the stock price surged by 194.1% and nearly tripled its value since hitting a seven-year low in November 2022. In comparison, the S&P 500 and Nasdaq Composite indexes gained 24.2% and 43.4% in 2023, respectively.
This move also marked the end of a two-year hiatus for Zuckerberg, during which he refrained from selling any of his stock in Meta's parent company, Facebook. Bloomberg reported this news and highlighted that Zuckerberg currently owns approximately 13% of Meta, making him the world's seventh-richest person with a net worth of $125 billion, according to the Bloomberg Billionaires Index.
As of Wednesday, Meta's shares listed on Nasdaq are trading at around $344.47, representing an approximate 11% decline from their all-time closing high of $382.18 recorded in September 2021.
It is worth noting that Meta representatives were not available for immediate comment on this matter.
All Rights Reserved © 2024
Post a comment