Facebook Co-Founder Dustin Moskovitz Sells 450K Shares, Converts 7M More

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?

Related Stories
Mediabistro Course

Facebook Marketing

Facebook MarketingStarting Janaury 13, work with the group marketing manager of social media at Microsoft/BingAds to build a fan base and grow your business on Facebook! In this course, Geoffrey Colon will teach you how to set up and enhance your company page, understand best practices and measuring your success, execute a monthly content strategy, and incorporate Facebook into your overall marketing efforts. Register now!