Facebook COO Sandberg Sells 309,807 Shares for $8.38 Million

Facebook Inc. Chief Operating Officer Sheryl Sandberg sold 309,807 shares, worth about $8.38 million.

The shares were sold in multiple transactions at prices ranging from $26.75 to $27.90 apiece, Menlo Park, California-based Facebook reported in a filing with the U.S. Securities and Exchange Commission. Facebook, operator of the world’s largest social network, closed at $27.36 on Dec. 20 and has lost 28 percent since selling shares for $38 each in an initial public offering in May.

With the sale, Sandberg reduced her stake to about 16.5 million directly held shares and 1.8 million indirectly held shares, according to the filing.

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