POS just wanted some pocket money, nothing illegal here...
Posted on 03/19/2018 3:38:22 PM PDT by TigerClaws
Facebook Inc. Chief Executive Mark Zuckerberg saw his net worth decline by about $5 billion Monday, but it could have been worse.
Ahead of Facebook’s worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold nearly five million shares.
Disposing of those Facebook FB, -1.02% shares before Monday ended up saving about $40 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch. At Monday’s close, the 4.9 million shares Zuckerberg has sold this year under a predetermined plan would be worth $855 million. Zuckerberg made about $900 million selling those shares, according to calculations using average weighted prices reported to the Securities and Exchange Commission.
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Facebook spokeswoman Vanessa Chan said in an email that the stock sales are intended to fund the Chan-Zuckerberg Initiative, the philanthropic investment organization the Facebook founder set up with his wife in 2015. In an SEC filing, Zuckerberg said that he plans to sell at least $6 billion in Facebook stock to fund the organization’s efforts.
Last year, Facebook abandoned its plan to create a new class of nonvoting shares that was concocted to allow Zuckerberg to retain voting control of the company. Zuckerberg said at the time that the stock’s gains over the past couple years would allow him to retain control of the enterprise and still sell enough stock to fund his philanthropy without the new stock structure.
(Excerpt) Read more at marketwatch.com ...
I’ve watched enough TV law shows to know it’s not legal.
LOL!
Sounds like insider trading to me. Needs to be investigated.
Sounds like Zuckerberg. The only reason he runs Facebook is he stole it from his partner.
Insider trading. Highly illegal.
Yellow Teefs needs to go to prison.
I hope Trump pressures the AG to get that trial going post haste.
People should do a major dump on Fakebook.
Everyone who has Facebook stock should dump it ASAP.
Love the prospect of $50,000 per violation by how many people and how many instances?!
just soes ya know.
the major for profit corporations are the target of the government.
not because of some mythical corporations are bad BS, but because their stock prices are easily manipulated by government regulation and hearsay.
so bill gates and zuckerberg play ball for protection. they say what they are told to say.
look around at all the for profits that have been attacked by our government to drive stock prices down and then back off the threat after the politicians, their families and international partners swooped in and bought on the cheap.
POS just wanted some pocket money, nothing illegal here...
“This legal? Unloading a stock when you have insider info it’s going to tank? “
It was part of a predetermined plan. He sold less than $1 billion this year yet lost $5 billion today alone.
His ‘profit’ from that was dwarfed by his loss today. Not exactly ‘unloading’ on insider info ...
“Insider trading. Highly illegal.”
Your bias is preventing you from seeing the facts.
Didn’t martha Stewart get six months in the pen?
Insider trading is highly illegal but you can bet Zuck can buy justice.
Zuckerberg saved tens of millions by selling Facebook stock ahead of Monday decline.
Facebook Inc. Chief Executive Mark Zuckerberg saw his net worth decline by about $5 billion Monday, but it could have been worse.
Ahead of Facebook’s worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold nearly five million shares.
Can you say insider trading boys and girls?
My understanding is “it depends”. I believe folks at the top of these companies forecast their intentions to sell well in advance. If this is inline with what was reported it probably flies.
If this is not in-line with forecast then yes, he has a problem.
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