The big names at the top of Facebook’s corporate ladder are starting to cash in their shares. TechCrunch reported Friday that Chief Accounting Officer David Spillane sold 256,000 of his 416,000 shares. Spillane made a profit of roughly $5.376 million. Chief Operating Officer Sheryl Sandberg and General Counsel Theodore Ullyot also sold some of his Facebook shares.
It seems like every week, Facebook acquires a company or is rumored to do so. This time, a report surfaced over the weekend, saying that Facebook could buy Zynga, now that the stock price of the popular game developer has fallen far enough. However, Business Insider says, “Not so fast.”
Today is the most anticipated day for Facebook since the company went public May 18. The social network will release its second-quarter financial report at 5 p.m. ET/2 p.m. PT, giving the world a first glimpse into Facebook’s books. Several outlets have been speculating about just what is in this report.
The stock of popular Facebook application developer Zynga has dropped despite growing revenue, which the company reported Wednesday in its second-quarter financial results. Zynga noted that it is scaling back its outlook for the rest of 2012, citing a challenging environment on Facebook’s platform.
Analysts and bank executives have said it since Facebook’s initial public offering. Now Mark Zuckerberg, the company’s co-founder and CEO, admits it. In an interview with Bloomberg, Zuckerberg said that figuring out how to make money from users accessing Facebook on mobile devices is the company’s biggest challenge right now.
It has been a rocky road for Facebook after its initial public offering. The reports of several Facebook underwriters were released today, as analysts feel that the company will be fine long-term, but there are still some lingering doubts about turning mobile usage into money.