Facebook execs sell $15 million in stock as lockup expires
updated 12:00 pm EDT, Sat November 3, 2012
Third lockup expiration later in November releases 800 million shares
Facebook Chief Operating Officer Sherly Sandberg, General Cousel Theodore Ullyot, and Chief Accounting Officer David Spillane all sold millions of dollars worth of stock this week, according to required filing with the Federal Trade Commission. Roughly 230 million shares of the stock became eligible for trading this week, as the required IPO "lockup" period expired.
Another 800 million shares will be unlocked for trading on November 14, more than doubling the inventory available for trading on September 30. Shares of Facebook were originally priced at $38 in the much anticipated IPO, but have fallen to as low as $18 per share. The stock closed Friday at $21.18.
Spillane sold 256,000 shares on Wednesday, more than half of his vested shares. Ullyot sold approximately 149,000 shares, and holds an additional 1.27 million. Sandberg sold 353,000 shares on Wednesday and retains more than 20 million more.
