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.
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.
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.
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.
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