Facebook's chief operating officer Sheryl Sandberg has cashed-in nearly $7.5m (£4.7m) of stock in the social media phenomenon, in another blow for the company's ailing share price.
Facebook investors have seen shares slump to as little as half the value that they reached during its $104bn stock-market debut earlier this year. Ms Sandberg's sale was disclosed in filings late on Friday night, and the news sent shares down a further 0.1 per cent to $21.18. Shareholders are usually concerned when management figures cash-in on their stock, because they think it signals a lack of confidence that the price will go much higher.
Ms Sandberg, as well as two senior colleagues, cashed-in on shares at the first opportunity since restrictions on selling them were lifted last week.
Facebook founder Marc Zuckerberg has agreed to not sell any stock until September of next year.Reuse content