Facebook COO Sheryl Sandberg is turning more of her virtual wealth into actual wealth. After the close of market today, Facebook disclosed in an SEC filing that Sandberg sold shares valued at more than $26.2 million.
Sandberg picked a very good time to sell as her 906,412 shares went for $27.678, and another 40,176 shares were sold at $27.7403 each – a level that Facebook hasn’t traded at since August. Actually, Facebook shares have been on a tear in recent weeks, as Wall Street has embraced the company’s we’re-all-about-mobile message.
Facebook shares moved up $0.52 or 1.91% to $27.49 on Friday in Nasdaq trading.
Other Facebook board members who have sold theit stock include General Counsel Ted Ullyot, who sold a total of 149,075 shares for $3.13 million, and Chief Account Officer David Spillane, who sold 256,000 of his 863,000 shares. Selling them at $21.04, he netted $5.4 million total.
According to Wikipedia.org, after joining the company, she quickly began trying to figure out how to make the social network profitable. Before Sandberg joined, the company was “primarily interested in building a really cool site; profits, they assumed, would follow.” By late spring, Facebook’s leadership had agreed to rely on advertising, “with the ads discreetly presented” and by 2010, Facebook became profitable. Sandberg oversees the firm’s business operations including sales, marketing, business development, human resources, public policy and communications.
Sandberg’s executive compensation for FY 2011 was $300,000 base salary plus $30,491,613 in Facebook shares. According to her Form 3, she also owns 38,122,000 stock options and restricted stock units (worth approx. $1.45 billion as of mid-May 2012) that will be completely vested by May 2022, subject to her continued employment through the vesting date.
In 2012 she became the eighth member (and the first female member) of Facebook’s board of directors.
In October 2012, Business Insider reported that stock units (appx. 34 million) vested in Sandberg’s name accounted for nearly $790,000,000. Facebook withheld roughly 15 million of those stocks for tax reasons which left Sandberg with a neighborhood of nearly $417,000,000.
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