Mark Zuckerberg, the CEO and Chairman of Meta Platforms, Inc.
What Happened: According to a recent SEC filing, the transactions, which were carried out on Dec. 27, involved Zuckerberg's entities, CZI Holdings, LLC and the Chan Zuckerberg Initiative Foundation, and totaled approximately $1.39 million. The sales were part of a pre-established trading plan and involved Class A Common Stock.
Zuckerberg's sales through CZI Holdings, LLC amounted to $863,728, with share prices ranging from $600.08 to $601.15. The Chan Zuckerberg Initiative Foundation sold shares totaling $523,347, with transaction prices ranging from $600.00 to $601.47 per share.
This comes after Zuckerberg sold approximately $88 million worth of company stock in early December, according to SEC filings. The sales occurred in two tranches, with Zuckerberg divesting $43.82 million in shares one week, followed by an additional $44.29 million the next. The transactions were executed at prices ranging from $607.97 to $621.88 per share, the SEC filings show.
Why It Matters: These transactions reflect Zuckerberg's ongoing management of his substantial holdings in Meta Platforms. The stock sales come amid Meta's stellar performance in 2024, with shares surging over 70% year-to-date. The company's stock was up 0.52% during Tuesday Premarket. Meta currently boasts a market capitalization of $1.49 trillion and trades at a price-to-earnings ratio of 27.89. The company's stock has traded between $340.02 and $638.40 over the past 52 weeks, with analysts maintaining a positive outlook.
The social media giant's robust performance aligns with the broader success of the "Magnificent Seven" tech companies. Meta, alongside Apple Inc.
Despite recent stock sales, Mark Zuckerberg retains his position as one of the world's richest individuals, ranking third on the Bloomberg Billionaire Index with a net worth of $209 billion.
According to data from Benzinga Pro, Meta Platforms has an average price target of $698.33 from recent analyst ratings by JP Morgan, Truist Securities, and Piper Sandler, suggesting a potential upside of 17.52%.
