Following the expiration on insider trading restrictions, Facebook's
Chief Operating Officer (COO) Sheryl Sandberg unloaded around 353,000 shares of the social networking site worth about $7.44 million, she disclosed in a filing with the Securities and Exchange Commission (SEC) on Friday.
That represents the majority of Sandberg's restricted shares, but only a fraction of her overall stake in the site. Sandberg still owns some 20 million vested shares worth approximately $420 million, making her one of the largest shareholders in the company. Including all her assets and options, it's reported that Sandberg is worth in the neighborhood of $500 million.
In other words, she's not going to go hungry anytime soon, though her net worth does underscore Facebook's struggles since its May 18 IPO. Facebook's shares are down more than 44 percent since that time, and had things gone as Zuckerberg and company planned, Sandberg would be worth well over a billion dollars right now.
Around 230 million shares of Facebook became eligible to trade this week, and another 800 million will clear restrictions on November 14. Two other executives -- General Counsel Theodore Ullyot and Chief Accounting Officer David Spillane -- also cashed in on millions of dollars worth of Facebook stock this week.