Looks like Sheryl Sandberg is pleased with the company’s stock growth in the last couple weeks. The Facebook chief operating officer sold off $91 million worth of stock this week, according to a filing with the Securities and Exchange Commission.
Facebook’s stock recently surpassed its initial public offering price for the first time after its second quarter 2013 earnings in late July. It released surprising numbers about its mobile advertising business, which caused the stock to jump 19 percent on earnings day. It eventually beat the IPO price only a week later, thus this is an attractive time for Sandberg to cash out, but only just a little bit.
This was only a transaction of about five percent of Sandberg’s shares, according to the Wall Street Journal. According to the SEC filing, Sandberg sold a total 2.37 million shares on Wednesday. At the time they were worth a little over $38 a share.
In only 29 days, Facebook’s valuation jumped $32 billion dollars. The company revealed that it had double many of its advertising revenues and felt there was a lot more opportunity to take advantage of in the coming quarter. The social network brought in $1.813 billion in revenue last quarter, which is 53 percent year over year.