CAUTION: Moskovitz Dumps More Facebook Shares
Ever since Facebook’s (NASDAQ:FB) first outside investor, Peter Thiel, dumped his holdings for nearly $400 million after the company’s IPO, many have been wondering who would be next to duck out. Last week, it looked like co-founder Dustin Moskovitz, who had unloaded 1.8 million shares by September 5 in twelve 150,000-share trades.
Between September 5 and September 7, Moskovitz broke his slow and steady strategy and made two big trades of just over 2.7 million shares each, racking up $108.4 million. Since August, Moskovitz has sold 7.5 million shares for almost $143 million.
Moskovitz still owns 126.2 million Class B shares, which he will need to convert to Class A if he wants to sell in the public market. His two last trades may have been a one-off strategy to make some quick cash, but it looks to many like an informed insider jumping ship.
Mark Zuckerberg and members of the Facebook board have committed to holding onto their shares, instilling some faith from investors.
Facebook started today by dropping 1.6 percent.
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