Zuckerberg sells $190mn in Meta shares
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3 months ago 02:30:03pm Television

Zuckerberg sells $190mn in Meta shares

New Delhi, 05-December – 2023, By IBW Team

Meta

Meta Founder and CEO Mark Zuckerberg sold around $190 million in the company’s stock last month, the media reported.

Zuckerberg sold Meta shares every day in November, for a total of 560,180 shares last month, reports Market Watch.

As per IANS the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29.

With the stock closing at $327.15, the value of the shares sold would be $192.9 million, the report noted.

The bulk of the shares sold were acquired in 2004 as part of a “founder stock purchase.”

Nearly 150,000 of the shares sold were acquired for $0 on the days they were sold through the exercising of options acquired in 2013, according to the report.

Meta registered $34 billion in revenue in its third quarter, up 23 percent from the same quarter last year.

Total costs and expenses were $20.40 billion, a decrease of 7 percent (year-over-year) in the September quarter. Net income rose 164 percent from a year earlier to $11.58 billion in the quarter.

However, the company is still burning cash with its Reality Labs division and Meta expects its operating losses there to increase “meaningfully” year-over-year.


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