Zuckerberg starts selling Meta Platforms stocks, selling every day from November 1st
According to regulatory documents, Zuckerberg sold nearly 1.28 million shares of stock in the last two months of last year, cashing out approximately $428 million. The largest sale was on December 28th, when he sold $17.1 million worth of stock.
According to regulatory documents on Thursday, Meta Platforms (formerly known as Facebook) founder Mark Zuckerberg sold nearly 1.28 million shares of Meta Platforms stock, cashing out approximately $428 million, during the two months from November 1st to the end of last year. The largest sale occurred on December 28th, when he sold $17.1 million worth of shares.
For the past ten years since Meta Platforms went public, Zuckerberg has regularly sold Meta Platforms stock, but 2022 was an exception. With the disastrous financial impact on Meta Platforms due to the stock market crash, the company's stock price plummeted by 64% throughout the year. Despite this, Zuckerberg did not sell any shares.
Last year, Meta Platforms experienced a strong rebound, with its stock soaring nearly 200%, benefiting from the overall recovery of the US stock market and its impressive financial reports. The latest financial report at the end of October showed that Meta Platforms achieved its highest quarterly revenue since its listing in 2012, thanks to the recovery in advertising demand and the company's cost-cutting measures and development of new AI technologies.According to a company spokesperson, Mark Zuckerberg's sale of Meta Platforms' stock is mainly to support charitable activities. He and his wife, Priscilla, had previously pledged to use 99% of their wealth for charitable purposes, such as promoting equality and treating diseases.
Zuckerberg holds approximately 13% of Meta Platforms' shares, with a net worth of about $125 billion, making him the seventh richest person in the world.
Zuckerberg is not the only tech giant who has been selling off his holdings in a big way. Marc Benioff, the co-founder and CEO of Salesforce, also sold stocks almost every day in the second half of last year. During this period, Benioff sold stocks worth over $475 million in total.
At the beginning of 2024, US tech stocks have been consistently declining. As of Thursday, the Nasdaq 100 index has fallen for five consecutive days, marking the longest losing streak since December 2022.