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Meta Platforms Inc. CEO Mark Zuckerberg Sells Shares as Stock Soars

James L. Flint

• December 01, 2023

In a surprising move, Chief Executive Mark Zuckerberg of Meta Platforms Inc. (formerly known as Facebook) sold a significant number of shares in November, even as the company's stock continued to rally to a nearly two-year high.

According to recent filings with the Securities and Exchange Commission (SEC), Zuckerberg sold a total of 560,180 Meta shares (ticker symbol: META) throughout November. A subsequent filing on Thursday revealed his intention to sell another 28,009 shares. Based on the weighted average prices of these sales and Thursday's closing price of $327.15 per share, the total value of the shares sold amounts to an impressive $192.9 million.

It's worth noting that the shares sold by Zuckerberg were indirectly owned and executed for various funds. These sales were made in adherence to the Rule 10b5-1 trading plan implemented on July 31.

In November, Meta's stock experienced an 8.6% climb, marking its third consecutive month of gains. On November 22, it reached a closing price of $341.49, the highest since December 30, 2021. However, it subsequently experienced a slight decline.

Most of Zuckerberg's sold shares were acquired in 2004 through a "founder stock purchase" program. Interestingly, almost 150,000 of these shares were acquired for $0 on the respective days they were sold by exercising options obtained in 2013.

Despite these recent sales, recent filings indicate that Zuckerberg still retains ownership of approximately 365 million Meta shares. Notably, as of November 30, he ranked as the ninth richest person globally according to the Bloomberg Billionaires Index.

While the sale of over $190 million worth of shares might seem substantial, it pales in comparison to the astounding average daily trading volume of Meta shares over the past month. With an average of 19.18 million shares changing hands each day, the total value exceeds $6.2 billion.

Since November 22, Meta's stock has experienced a slight decline of 0.6% in afternoon trading on Friday. However, it remains impressive overall, with a year-to-date surge of 170.4%. In comparison, the broader S&P 500 index has advanced by 19.6% during the same period.

Meta Platforms Inc. continues to capture the attention of investors as its stock continues to perform strongly in the ever-evolving technology landscape.