Facebook co-founder Dustin Moskovitz is slowly offloading his sizable stake in the social network.
As of Tuesday, the 28-year-old entrepreneur and Facebook insider has sold 1.8 million shares for $34.5 million, according to multiple filings with the Securities and Exchange Commission. The trades were completed at varying prices, ranging from $20.08 to $17.56 per share.
Following the most recent transaction Tuesday, Moskovitz still holds close to 132 million shares, or 5.7 million Class A shares and 126.2 million Class B shares. The Class B shares can be converted for sale to Class A shares at a one-to-one ratio.
Moskovitz may be cashing in on his Facebook holdings, but the slow and steady selling activity doesn’t compare to the far more disconcerting selloff by Peter Thiel. Thiel, Facebook’s first outside investor, dumped most of his remaining holdings in the company in August for a $395.8 million gain.
Still, the news could be troublesome to investors, especially as Moskovitz’s trading pattern suggests that he will continue to cash out one sale at a time.
Thankfully, not all Facebook insiders are divesting their stakes. Facebook CEO Mark Zuckerberg committed to maintaining all of his holdings in the company for at least another year. Board members Marc Andreessen and Donald Graham also indicated that they would only sell enough shares to cover their tax liabilities.
Facebook ended the day at a new market-close low of $17.73 a share on Tuesday. The stock has bounced back 2 percent in after-hours trading.