Mark Zuckerberg, the chief executive of Facebook's parent company Meta Platforms, has recently sold nearly half a billion dollars' worth of the company's shares. This marked the first time he has sold shares in almost two years. Zuckerberg took advantage of the stock's significant gains in 2023, as the shares recovered from a previous slump and almost tripled in value. Although they are currently about 10% lower than their all-time high in September 2021, Zuckerberg's decision to sell allowed him to cash in on the rally.
Zuckerberg, who famously started Facebook from his Harvard dormitory room in 2004, still retains ownership of around 13% of the company. With a fortune of $125 billion, he ranks as the seventh-richest person in the world, according to the Bloomberg billionaires index.
It's important to note that this sale does not necessarily indicate Zuckerberg's lack of confidence in the stock's potential for further growth. The sale was conducted in accordance with a trading plan established by the company in July. In premarket trading on Thursday, Meta shares experienced a slight increase of 0.3%, reaching $345.52.
Meta, like the broader market, has faced some challenges at the beginning of 2024, with a 2.7% decline in the first two trading days of the year. This aligns with a 2.8% fall in the Nasdaq Composite index.
According to a filing with the Securities and Exchange Commission, Zuckerberg gradually disposed of his shares over the course of every trading day from November 1 to the end of the year.