Posted on 03/19/2018 3:38:22 PM PDT by TigerClaws
Facebook Inc. Chief Executive Mark Zuckerberg saw his net worth decline by about $5 billion Monday, but it could have been worse.
Ahead of Facebooks worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold nearly five million shares.
Disposing of those Facebook FB, -1.02% shares before Monday ended up saving about $40 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch. At Mondays close, the 4.9 million shares Zuckerberg has sold this year under a predetermined plan would be worth $855 million. Zuckerberg made about $900 million selling those shares, according to calculations using average weighted prices reported to the Securities and Exchange Commission.
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Facebook spokeswoman Vanessa Chan said in an email that the stock sales are intended to fund the Chan-Zuckerberg Initiative, the philanthropic investment organization the Facebook founder set up with his wife in 2015. In an SEC filing, Zuckerberg said that he plans to sell at least $6 billion in Facebook stock to fund the organizations efforts.
Last year, Facebook abandoned its plan to create a new class of nonvoting shares that was concocted to allow Zuckerberg to retain voting control of the company. Zuckerberg said at the time that the stocks gains over the past couple years would allow him to retain control of the enterprise and still sell enough stock to fund his philanthropy without the new stock structure.
(Excerpt) Read more at marketwatch.com ...
Not legal
But nothing will happen
i don’t see how the size of his loss today negates his previous actions.
The Securities and Exchange Commission and DOJ will hit him with insider trading charges.
I hope.
Same exact thing an Equifax guy here in Atlanta got locked up for last week.
I just cancelled my FB account last night and getting ready to switch over to Apple IPhone.
So done with FB and the Google unholy alliance.
DONE!!!!!!!
Calling Martha Stewart.....
... Calling Martha Stewart....
Calling Equifax...
..... Calling Equifax....
He’s likely on a 10b5-1 plan like most execs in public companies. probably nothing but the price hit his pre-chosen price and the plan automatically disposes of the number of shares he chose.
Thanks. Just posted to my Facebook :)
“i dont see how the size of his loss today negates his previous actions.”
It doesn’t negate his previous actions which were to set up a predetermined sell plan over a period of time.
“Not legal”
PERFECTLY LEGAL!
so Facebook was where Obama got all his info to Blackmail the Politicians into giving him everything he wanted
I’ll bet half of facebooks American accounts are dead and not updated/ All the time I see accounts where the last update was two-three years ago.
“Insider trading is highly illegal but you can bet Zuck can buy justice.”
Another example! He sold 70 million shares right before the stock plunged from 55 to 175!
This is in Martha Stewart territory.
Thank you for showing me you have zero argument on behalf of your position. It is appreciated.
“Thank you for showing me you have zero argument on behalf of your position. It is appreciated.”
Since you presented no argument for your position I thought my post entirely appropriate!
What’s funny is the number of those dormant accounts that seem to be used to comment on politically charged news stories on the web. And always with a leftist response.
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