Mark Zuckerberg reportedly sold an eye-watering $428 million worth of Meta Platforms Inc.
What Happened: Zuckerberg, who owns about 13% of Meta, sold shares on every trading day from Nov. 1 through the year's end, Bloomberg reported, citing Tuesday regulatory filing.
This massive sale came after a period of two years where the tech mogul had not sold any Meta shares. During this hiatus, Meta's stock price reached its lowest in seven years.
The report reveals that Zuckerberg sold almost 1.28 million shares, with each sale averaging $10.4 million. The largest single sale was made on Dec. 28, amounting to $17.1 million.
In 2023, the company's share price rebounded, increasing by 194% from a seven-year low near the end of 2022. This surge in stock price saw Meta outperform all other major tech giants, barring Nvidia Corp.
Currently, Zuckerberg holds a net worth of approximately $125 billion, making him the seventh-richest person globally, according to the Bloomberg Billionaires Index.
In related news, Marc Benioff, another tech industry heavyweight and co-founder of Salesforce Inc.
Why It Matters: Zuckerberg's selling spree began in November last year, when he sold nearly $200 million worth of Meta shares for the first time since 2021. This move coincided with a sharp uptrend in Meta's stock, which hit a 52-week high during the same period.
Despite the significant sale, it represented only a small portion of Zuckerberg's massive wealth. The founder's decision to sell came after a period of significant growth for Meta, with its stock climbing about 174% in 2023.
