Facebook Cofounder Continues To Offload Shares

Facebook Cofounder Continues To Offload Shares

Facebook co-founder Dustin Moskovitz has sold over 1.3 million of his shares in the social network over the last two weeks. Moskovitz converted some of his Class B shares – the kind that carry voting rights – into Class A shares and has been getting rid of stock at 150,000 shares a day since a couple of days after the first lock-up period on early investors ended. Pre-IPO investors are tied into their shares for a certain period, the lock-up, to prevent a run on the stock on the first day of trading, which would stop any public company from getting off the ground. Now that he’s free to do so, Moskovitz has offloaded 1.35 million shares in total at prices ranging from $19.19 to $19.99 each, raising around $26.2m. Through his trust, Moskovitz still owns 6.15m Class A shares and 106.8m B shares, according to filings with the Securities and Exchange Commission. Read More: Facebook co-founder Moskovitz scrambles to offload his shares

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