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Facebook’s Sheryl Sandberg sells US$91 million of shares

Facebook (NASDAQ: FB)  COO Sheryl Sandberg last week sold approximately 2.37 million Facebook shares at an average weighted selling price of about US$38 a share, according to a recent SEC filing.

The sale of stock by the former Google executive was made under a trading plan from July 2012. It came as the stock finally climbed above its IPO price of US$38. Facebook stock was trading at US$24.71 a share just a month ago, but has risen dramatically since announcing surprisingly strong earnings on July 24.

The proceeds of the four series of transactions enacted on behalf of Sandberg on Aug. 7 are approximately US$91 million based on average weighted selling prices ranging from US$38.3826 to US$38.925. The series of stock sales included 2,274,095 shares, another of 91,500 shares, plus smaller sales of 6,496 and 200 shares.

The SEC Form 4 filing states that Sandberg’s trading plan implemented last year was “pursuant to a Rule 10b5-1 trading plan.” A 10b5-1 plan is a regulatory option sometimes utilized by company insiders to help avoid concerns regarding improper insider trading. Bloomberg reports that Sandberg still owns more than 14 million Facebook shares. Facebook’s market cap is over US$90 billion.

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A version of this article, written by Tim Brugger, originally appeared on fool.com.

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