Facebook director Andreessen sells $54 million in shares to cover taxes
By Alexei Oreskovic | November 21, 2012 11:21 AM EST
Facebook Inc board member Marc Andreessen sold roughly $54 million worth of shares in the social networking company on Monday to cover taxes he owes on his holdings.
Andreessen's sales are among the latest transactions by Facebook insiders as trading restrictions have expired following the company's May initial public offering.
Donald Graham, chairman and CEO of the Washington Post Co, who is a director at Facebook, sold roughly $6.7 million worth of Facebook shares on Monday, according to a regulatory filing on Tuesday.
Both Andreessen and Graham are selling shares to cover tax obligations incurred from the recent vesting or settlement of restricted stock units in the company, Facebook noted in a separate filing earlier this year. Neither intends to sell shares for any other reason, the filing said.
The world's No.1 online social network became the only U.S. company to debut with a market value of more than $100 billion, but has faced a rough reception on Wall Street amid concerns about its long-term money-making potential.
Shares of the company have risen 20 percent since November 9, finishing Tuesday's regular session at $23.10, but remain well below their $38 offering price.
Several executives at the company have also sold shares as the so-called lock-up restrictions on trading have expired.
Facebook Chief Operating Officer Sheryl Sandberg sold roughly $4.2 million worth of Facebook stock on Monday, bringing her total share sales to roughly $15 million in recent weeks, while engineering vice president Michael Schroepfer sold a little more than $1 million worth of shares in recent days.
Andreessen, Graham, Sandberg and Schroepfer all sold their shares as part of pre-arranged stock trading plans.
(Reporting By Alexei Oreskovic; Editing by Bernard Orr)
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- National Ice Cream Day: Most-Ordered Flavors and Toppings by Americans [See Photos]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $499 Comes With 5.5-Inch Quad HD Display, Snapdragon 805 Processor, 3GB RAM and More
- End of Times Indicators: Japan’s Mount Fuji in ‘Critical State’ to Erupt, Could Affect At Least 1.2M People