It's a telling sign when the co-founder of a company can't offload his shares quick enough. That's sort of what's happening with Dustin Moskovitz, the billionaire Internet whiz kid not named Mark Zuckerberg. Like Zuckerberg, Moskovitz had a hand in founding Facebook
, but unlike his cohort, Moskovitz is selling his shares at a steady clip.
According to reports, he's been steadily offloading falling Facebook shares every day, having now sold 450,000 Class A stock for anywhere between $19.19 to $19.22 a pop. That's about half of Facebook's debut price of $38 back in May.
To put the sales into perspective, Moskovitz still owns 6.15 million Class A shares, along with 106.8 million B shares. The latter, in this instance, come with more voting rights. Class B can also be converted to Class A on a one-to-one basis at any time, but with 6.15 million still on hand, it's unlikely Moskovitz would do that.
It's been a rough run for Facebook in the stock market. Within a week of going public, Facebook shares dropped in value by around $7 to $31.91 and, for the most part, have been declining ever since. Much of that is due to the fact that the company's first earnings report post IPO noted a $157 million net loss. The social networking site is still trying to figure out how best to monetize its 955 million active members and properly leverage mobile platforms.