Mark Zuckerberg, the CEO and Chairman of Meta Platforms, Inc. (NASDAQ: META), offloaded a significant chunk of his company shares in December.
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. (NASDAQ: AAPL), Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), Amazon.com Inc. (NASDAQ: AMZN), and Tesla Inc. (NASDAQ: TSLA), reached new record highs in 2024.
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%.