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Chucking a slow-and-steady selling strategy out the window, Facebook co-founder Dustin Moskovitz sold off his remaining 5.7 million Class A shares in three separate trades between September 5 and September 7, 2012.
Moskovitz, currently the co-founder of startup Asana, broke his pattern of small 150,000-increment trades this week. By Friday, the Facebook insider had racked up an additional $108.4 million from selling shares in the company he helped create, according to a filing with the Securities and Exchange Commission.
Since late August, Moskovitz has sold a total of 7.5 million shares for nearly $143 million in returns. By not to worry investors, Moskovitz still maintains a majority of his holdings.
The member of Facebook’s founding team still maintains 126.2 million Class B shares in the social network. The fact that he’s yet to convert those shares to Class A stock, which he’ll need to do before he can sell them on the public market, suggests that his selling activity may be at a standstill for the time being.
Facebook ended the week at $18.98 a share, which, while disappointing for a company that opened at $38 a share in May, is still a significant improvement from the $17.55 low Facebook fell to earlier in the week.
Photo credit: lev radin / Shutterstock.com
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