CEO Mark Zuckerberg has sold his share of Meta stocks for the first time in two years. In November, entities for Zuckerberg’s charitable and political giving, as well as his trust, sold about 682,000 shares worth almost $185 million through trading plans, as disclosed in the regulatory filings.
Meta has seen a surge of 172% in its stock value this year, up until the end of November.
The majority of the shares sold were acquired in 2004 as part of a “founder stock purchase.” About 150,000 of the shares sold were acquired for $0 on the days they were sold through the exercising of options acquired in 2013.
More than half of the recent Meta stock sales came from shares controlled by the Chan Zuckerberg Initiative. The stocks worth $19 million went to the advocacy arm of the Chan Zuckerberg Initiative. The foundation has pledged to donate 99% of its wealth to philanthropic causes during the founders’ lifetimes.
Over the past decade, Zuckerberg has regularly sold blocks of Meta stock. However, he did not sell any shares in 2022, despite catastrophic quarterly results that led to one of the biggest one-day stock wipeouts and Meta’s worst annual performance since its initial public offering in 2012.
In 2021, Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, sold over $1 billion worth of shares of Meta, the owner of social media apps Facebook and Instagram.
Despite the sales, Zuckerberg still owns almost all of his $117.7 billion fortune, which is primarily made up of his 13% stake in Meta, as reported by Bloomberg.
The Q3 2023 revenue of Meta was $34 billion, up 23% YoY. Costs and expenses were $20.4 billion, down 7% YoY. However, Meta’s Reality Labs division is still burning cash, with operating losses expected to increase YoY. The AR-VR division has lost nearly $25B since last year.
Meta has seen a surge of 172% in its stock value this year, up until the end of November.
The majority of the shares sold were acquired in 2004 as part of a “founder stock purchase.” About 150,000 of the shares sold were acquired for $0 on the days they were sold through the exercising of options acquired in 2013.
More than half of the recent Meta stock sales came from shares controlled by the Chan Zuckerberg Initiative. The stocks worth $19 million went to the advocacy arm of the Chan Zuckerberg Initiative. The foundation has pledged to donate 99% of its wealth to philanthropic causes during the founders’ lifetimes.
Over the past decade, Zuckerberg has regularly sold blocks of Meta stock. However, he did not sell any shares in 2022, despite catastrophic quarterly results that led to one of the biggest one-day stock wipeouts and Meta’s worst annual performance since its initial public offering in 2012.
In 2021, Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, sold over $1 billion worth of shares of Meta, the owner of social media apps Facebook and Instagram.
Despite the sales, Zuckerberg still owns almost all of his $117.7 billion fortune, which is primarily made up of his 13% stake in Meta, as reported by Bloomberg.
The Q3 2023 revenue of Meta was $34 billion, up 23% YoY. Costs and expenses were $20.4 billion, down 7% YoY. However, Meta’s Reality Labs division is still burning cash, with operating losses expected to increase YoY. The AR-VR division has lost nearly $25B since last year.