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Facebook co-founder sells ANOTHER 450,000 shares – and he’s been dumping 150,000-a-day for weeks

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By Associated Press and Daily Mail Reporter

PUBLISHED:19:30 EST, 30  August 2012| UPDATED:20:09 EST, 30 August 2012

Facebook co-founder Dustin Moskovitz has been  selling 150,000 shares of Facebook stock a day out of the hundreds of millions  that he owns.

So far, he has shed 1.35 million shares for  proceeds of $26.2 million, at prices ranging from $18.79 to $20.08.

Moskovitz was Mark Zuckerberg’s roommate when  they founded Facebook in their Harvard  dorm-room in 2004.

Stock dump: Dustin Moskovitz, one of five Facebook co-founders, has sold another 450,000 of his shares in the companyStock dump: Dustin Moskovitz, one of five Facebook  co-founders, has sold another 450,000 of his shares in the company

Moskovitz, 28, left Facebook in 2008 and  started Asana, whose software helps manage projects.

He has been disclosing the sales every three  days. He did not sell any stock in Facebook’s IPO.

Last week, it was revealed that Moskovitz,  who is thought to be worth in excess of $2billion, made three sales of 150,000  shares each at between $19.38 and $19.99, earning himself back a total of  $8.8million.

Because Moskovitz owns such a sizeable  portion of Facebook, he was required to disclose the sale of the shares as he  converted seven million of his ‘Class B’ shares to ‘Class A’  ones.

Dustin Moskovitz is ranked by Forbes magazine as the youngest billionaire alive and is worth $2.4 billionDustin Moskovitz is ranked by Forbes magazine as the  youngest billionaire alive and is worth $2.4 billion

Even though ‘Class B’ shares have 10 times  the voting power, they need to be transformed into the ‘A’ version to be sold  publicly.

Despite this, Moskovitz is still holding on  to 126 million shares in Facebook, which are worth $2.4billion at Wednesday’s  closing price.

DUSTIN’S STOCK  DUMPS

Aug.  17: 150,000 shares, $20 average ($19.95 to $20.08), $3  million Aug.  20: 150,000 shares, $19.49 average ($18.79 to $20.03),  $2.92million Aug.  21: 150,000 shares, $19.38 average ($19.09 to $19.95),  $2.91million Aug.  22: 150,000 shares, $19.31 average ($19 to $19.52),  $2.9million Aug.  23: 150,000 shares, $19.51 average ($19.37 to $19.73),  $2.93million Aug.  24: 150,000 shares, $19.43 average ($19.26 to $19.66),  $2.92million Aug.  27: 150,000 shares, $19.22 average ($19.10 to $19.49),  $2.88million Aug.  28: 150,000 shares, $19.26 average ($19 to $19.37),  $2.89million Aug.  29: 150,000 shares, $19.19 average ($19.08 to $19.37),  $2.88million

Moskovitz had postponed his sale until last  Friday, one day after the expiration of ‘lockup rules’ which require early  shareholders to retain their stock for a certain period.

One of five founder’s of Facebook, Moskovitz  had found success with Asana.

Other than Facebook CEO Mark Zuckerberg,  Moskovitz is the only co-founder who owns enough of the company that he is  required to publicly announce share sell-offs.

This news directly follows that of PayPal  billionaire Peter Thiel, one of Facebook’s earliest investors and a member of  its board, selling 20 million of his own shares.

As one of Facebook’s initial investors, he  poured $500,000 into the company in 2004.

A regulatory filing said that Thiel  sold  about 20 million shares of Facebook through affiliates such as his  Founders  Fund and other firms two weeks ago.

The shares were sold for amounts between  $19.27 and $20.69, for a total of $396 million.

He also sold 16.8 million shares in the  company’s May initial public offering, making $640m.

Peter Thiel, one of Facebook's first investors. Today it was revealed he has sold over 20 million of his shares in the firm as its stock price plunges.Peter Thiel, one of Facebook’s first investors revealed  he has sold over 20 million of his shares in the  firm as its stock price  plunges.
Facebook CEO Mark Zuckerberg has so far been unable to sell stock in the firm. It is estimated its plunging stock price has so far cost him $10bnFacebook CEO Mark Zuckerberg has so far been  unable to  sell stock in the firm. It is estimated its plunging stock  price has so far  cost him $10bn

It is now believed that Thiel has sold most  of his stock in Facebook.

As Facebook’s share price continues to  plummet, critics have accused Zuckerberg of being ‘in over his hoodie’ and  called for him to step down as CEO.

‘There is a growing sense that Zuckerberg,  talented though he may be, is in over his hoodie as CEO of a multibillion-dollar  public company,’ Sam Hamadeh, head of research firm PrivCo, told the Los Angeles  Times.

Read more: http://www.dailymail.co.uk/news/article-2196135/Dustin-Moskovitz-Facebook-founder-sells-450-000-shares.html#ixzz2567v2GyF

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Ralph Turchiano

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