Chief Operating Officer (COO), Sheryl Sandberg, is setting herself up to have a very nice holiday season by selling truckloads of company stock for millions of dollars. Sandberg unloaded around 353,000 Facebook shares worth some $7.44 million a week ago
, and has now followed that up by flipping another 176,000 shares of the social networking site worth approximately $3.75 million.
Even though she's now offloaded more than $11 million worth of Facebook stock in the past week, Sandberg is still sitting pretty on around 19 million vested shares worth hundreds of millions of dollars. In other words, these recent sell-offs don't necessarily represent a lack of faith in the company she works for; she's simply strengthening her bank account, and doing so at a time when Facebook's stock is looking rather weak.
Image Source: Flickr (World Economic Forum)
Look for even more sell-offs in the weeks to follow, both by Sandberg and by other executives within the company, as restrictions expire. Over the course of the next six weeks. almost 1.2 billion Facebook shares will become available to trade, including 800 million shares on November 14.