A few high-profile executives sold some of their Facebook stock Thursday. Securities and Exchange Commission filings show that Facebook Chief Technology Officer Michael Schroepfer, Chief Accounting Officer Jas Athwal, Chief Financial Officer David Ebersman, and Chief Operating Officer Sheryl Sandberg all cashed in some Facebook stock.
Securities and Exchange Commission
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.
Three men were arrested at their homes Tuesday and charged with bilking an investor, dangling special access to Facebook shares prior to the social network’s initial public offering as bait.
Facebook reached a settlement with Timelines.com, which sued the social network over the naming of its profile page, according to documents filed with the Securities and Exchange Commission. The two parties agreed to settle the case out of court, but financial information was not disclosed.
Facebook and its co-defendants — banks including Morgan Stanley, the lead underwriter of its initial public offering — are seeking dismissal of a lawsuit on the grounds that the social network had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue.
Facebook Co-Founder and CEO Mark Zuckerberg will experience a dramatic pay cut in 2013, when his annual salary will be slashed to $1 and he will not receive a bonus, after total compensation of nearly $2 million in 2012. But the nearly $2.3 billion he took in last year after exercising 60 million stock options just prior to the social network’s May 18 initial public offering should help ease the blow.
Jim Breyer, who has been on Facebook’s board of directors since 2005, will leave his position in June, according to a form 8-K filing. Facebook reported that Breyer will not be up for re-election, and that his final meeting will be June 11. In a statement, Breyer said he is stepping down to focus more on his position with the Harvard University Corporation Board.
It didn’t take long for Netflix to start informing investors through Facebook. Last week, the Securities and Exchange Commission ruled that companies can keep investors abreast of news through Facebook, Twitter, and other social media sites — a decision largely motivated by Netflix CEO Reed Hastings. Thursday, Hastings took to Facebook to announce that over the past three months, Netflix users have watched 4 billion hours of programming.
Citigroup will attempt to recoup some of the $20 million or so it claims to have lost during Facebook’s botched initial public offering last May 18 by filing a claim for compensation from Nasdaq parent Nasdaq OMX Group, according to Dow Jones Newswires.