Zuckerberg sells nearly $190 mn in Meta’s shares

According to Form 4 filings with the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29…reports Asian Lite News

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.

According to Form 4 filings with the US Securities and Exchange Commission (SEC), he placed orders to sell another 28,009 shares on November 29.

With the stock closing of $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 per cent from the same quarter last year. Total costs and expenses were $20.40 billion, a decrease of 7 per cent (year-over-year) in the September quarter. Net income rose 164 per cent 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. Meta’s AR-VR division has lost close to $25 billion since the start of last year.

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