Mark Zuckerberg, the chief executive of Facebook-parent Meta Platforms, recently sold nearly half a billion dollars' worth of the company's shares. This marked the first time in almost two years that he had sold any shares, and he took advantage of the stock's significant gains in 2023. After recovering from a major slump in 2022, the shares nearly tripled in value, although they currently sit about 10% below the all-time high reached in September 2021.
Despite cashing in on this rally, Zuckerberg still retains around 13% ownership of the company. With a fortune estimated at $125 billion, he stands as the seventh-richest person globally, according to the Bloomberg billionaires index.
It's important to note that this sale does not necessarily indicate that Zuckerberg believes the shares won't continue to rise in value. The sale was part of a trading plan outlined by the company back in July. In premarket trading on Thursday, Meta shares were up 0.3% to $345.52.
Like many others in the market, Meta has faced a challenging start to 2024, with a 2.7% drop in the first two trading days of the year. This decline aligns with the 2.8% fall observed in the Nasdaq Composite index.
According to a filing with the Securities and Exchange Commission, Zuckerberg sold off portions of his shares incrementally on every trading day between November 1 and the end of the year.
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