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Facebook’s Sandberg Sells $91 Million in Shares After Surge

Facebook Inc. Chief Operating Officer Sheryl Sandberg sold about $91 million worth of shares in the social network after the stock topped its $38 initial public offering price for the first time since May 2012.

Sandberg sold 2.37 million Facebook shares on Aug. 7, two days after Facebook closed at a record high of $39.19, according to a regulatory filing. With the latest sale she has sold more than 7 million shares, or about 12 percent of her total, since the IPO. The holdings include unvested restricted stock units as of end-2012 and options.