Following a better-than-expected earnings report and the announcement of a new app, shares of Facebook Inc. (NASDAQ: FB) have surged on the stock market. After the market closed Thursday, Facebook stock was up 14 percent, hitting an all-time high for the company.
Some Facebook executives have decided it’s time to cash in. Facebook chief operating officer Sheryl Sandberg and chief technology officer Mike Schroepfer are unloading large amounts of Facebook stock.
A Form 4 filed with the Securities and Exchange Commission on Wednesday revealed that Sandberg sold 254,934 shares of Facebook stock. At $54.694 per share, that should leave Sandberg almost $14 million richer.
She didn’t stop there. Sandberg sold another 28,400 shares at $55.1253 for another $1.6 million. Sandberg still has another 10,345,087 shares of Facebook stock remaining.
Schroepfer sold an even 25,000 shares of his Facebook stock at $54.69, earning him nearly $1.4 million. Schroepfer reportedly has another 357,966 shares of Facebook stock left.
Originally from Northern California, Ryan W. Neal came to New York to earn his master's in journalism from Columbia University. He joined IB Times April 2013, and is a writer...