The great Facebook stock sale frenzy continues on with a report that Co-Founder Dustin Moskovitz unloaded 450,000 shares in the social network over the past three trading days, adding nearly $9 million to his coffers.
CNNMoney reported that Moskovitz sold three 150,000-share increments at prices of between $19.38 and $19.99 per share, adding that he also converted 7 million of his remaining class-B shares to class-A common stock, much like Facebook Director Peter Thiel did last week before unloading the bulk of his holdings in the social network.
Class-B shares provide their holders with 10 times more voting power in the company, CNNMoney pointed out, but they cannot be sold to the public, while class-A shares can.
Moskovitz’s sell-off is not as drastic as that of Thiel, however, as CNNMoney reported that even if Moskovitz sells the 7 million converted shares, he will still hold more than 126 million Facebook shares, which were worth some $2.4 billion at the stock’s Tuesday closing price of $19.16.
Readers: Who do you think will be the next individual or company to sell off a huge chunk of Facebook shares?