Facebook Chief Financial Officer David Ebersman, Chief Accounting Officer Jas Athwal, and Chief Marketing Officer David Fischer each outlined their transactions last week involving restricted stock units in separate filings with the Securities and Exchange Commission, with Fischer also reporting the sale of 24,000 class-A Facebook shares, and Athwal doing so for 125 shares.
Restricted Stock Units
What do Facebook Chief Operating Officer Sheryl Sandberg, Vice President of Advertising and Global Operations David Fischer, VP of Engineering Mike Schroepfer, Chief Financial Officer David Ebersman, Chief Accounting Officer David Spillane, and General Counsel Ted Ullyot have in common, besides the company that employs them? All six filed Form 4s with the Securities and Exchange Commission Friday to convert their restricted stock units into a total of 45.3 million class-B shares Oct. 29.
On Monday, rank-and-file Facebook employees will be able to sell their stock, which officially came to fruition Thursday. Collectively, the roughly 225 million shares are worth about $5.2 billion, based on Wednesday’s closing price of $23.23 apiece. But it’s not just Facebook employees who are excited for a potential sell-off — the federal and California governments stand to profit from this, as well.
Facebook late last night filed the sixth amendment to its S-1 filing with the Securities and Exchange Commission for its May 18 initial public offering, acknowledging the challenges of monetizing advertising on its mobile products, and announcing the grant of restricted-stock units to employees.
Facebook has a potentially taxing problem on its hands, and the company will address it by increasing its $2.5 billion credit line.
Recession? What recession? Assuming two anonymous responders to a Quora post are telling the truth, there’s certainly no shortage of money for engineers joining Facebook straight out of school.