Facebook Director Breyer Sells $74 Million in Shares
Facebook Inc. board member James Breyer sold $74.1 million worth of shares in the operator of the world’s biggest social-networking website after the company’s stock price recovered from lows last year.
Breyer sold 2.52 million shares this month, according to a filing yesterday with the U.S. Securities and Exchange Commission. Following the transaction, he still owned more than 19 million shares.
Some of Facebook’s management team sold as well, according to filings. Chief Financial Officer David Ebersman sold more than 173,000 shares, his first sale, leaving him with 2.23 million shares. Chief Operating Officer Sheryl Sandberg sold more than 175,000 shares.
Menlo Park, California-based Facebook has risen more than 50 percent from a record low in September as investors have gained more confidence about the company’s growth prospects. Still, the shares are down 25 percent since the company went public in May.
While the sellers benefited from a rising stock price, the sales were part of a trading plan adopted last year.
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