Insider Trading: Facebook’s CFO Dumps $43 Million in Shares
Facebook’s stock has been on quite the tear since July essentially doubling from below $25 to a high of $55 in less than six months. As part of a pre-arranged plan, Chief Financial Officer David Ebersman has just sold nearly one million shares of stock Tuesday, representing 8.5% of his equity in the company according to the Wall Street Journal. Prior to today, Ebersman had relinquished a total of 901,000 shares in 2013 at a $30 million value.
While it’s never a great sign to see executives dumping company shares into the open market, given the high value of the stock compared to its IPO pricing, an organized sell-off was to be expected and Facebook investors seem to concur with the stock actually up over 4.5% to close today’s trading.
Facebook, Inc. (FB) – 11/13/2013
Ebersman’s average exit price was now a handsome $47 per share after today’s sale.
Do you own Facebook’s stock? Are you a bull or a bear? Do you think it will continue to rise or is it time for you to take out some profits too?