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Business News/ Companies / News/  Mark Zuckerberg sells Meta shares for first time in 2 years. Details here
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Mark Zuckerberg sells Meta shares for first time in 2 years. Details here

Meta co-founder Mark Zuckerberg has offloaded around $185 million worth of California based companies shares, the first such sale in over 2 years.

FILE - Mark Zuckerberg speaks at Georgetown University, on Oct. 17, 2019, in Washington. Zuckerberg, the Meta Platforms CEO and mixed martial arts enthusiast posted on social media Friday, Nov. 3, 3023, that he tore one of his anterior cruciate ligaments, or ACLs, while training for a fight early next year. (AP Photo/Nick Wass, File) (AP)Premium
FILE - Mark Zuckerberg speaks at Georgetown University, on Oct. 17, 2019, in Washington. Zuckerberg, the Meta Platforms CEO and mixed martial arts enthusiast posted on social media Friday, Nov. 3, 3023, that he tore one of his anterior cruciate ligaments, or ACLs, while training for a fight early next year. (AP Photo/Nick Wass, File) (AP)

Meta founder and CEO Mark Zuckerberg has sold his shares for the first time since November 2021. As per a Bloomberg report, Zuckerberg's trust along with charitable and political entities linked to him offloaded around 6,82,000 shares of Meta in November which are worth almost $185 million. 

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Notably, the Bloomberg report notes that Zuckerberg has offloaded regular blocks of Meta stocks over the last decade but didn't sell a single share in 2022 when the horrific quarterly results led to the company's biggest single-day stock wipeout and the company's worst annual performance since 2012. 

What are the reasons behind Zuckerberg's recent sale of Meta shares? 

Notably, Meta has been amongst the top-performing stocks of the year, surging almost 172% till November and outperforming all major companies except Nvidia. However, Meta is also increasingly approaching the record highs that were set in 2021 and given that Zuckerberg and his charitable foundation - Chan Zuckerberg Initiative, had sold $1 million of Meta's shares back then the recent decision seems understandable. 

Also Read: Russia puts the spokesman for Facebook owner Meta on wanted list

The Bloomberg report noted that the rise in Meta's stock has helped maximise Zuckerberg's activities outside of the California based company including venture capital, scientific research and investments. 

39-year-old Mark Zuckerberg still holds around 13% of Meta which contributes to around $117.7 billion of his fortune, as per the Bloomberg Billionaires Index. Zuckerberg and his wife Priscilla Chan had pledged to give away 99% of their wealth to philanthropic causes during their lifetime, around 8 years back. The Chan Zuckerberg Initiative was founded in 2015 in California's Palo Alto and is led by both Zuckerberg and his wife Chan. 

 

 

 

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Published: 05 Dec 2023, 12:40 PM IST
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