Facebook director Andreessen sells $54 mln in shares to cover taxes

SAN FRANCISCO Wed Nov 21, 2012 7:55am IST

Related Topics

Stocks

   

SAN FRANCISCO (Reuters) - Facebook Inc (FB.O) board member Marc Andreessen sold roughly $54 million worth of shares in the social networking company on Monday to cover taxes he owes on his holdings.

Andreessen's sales are among the latest transactions by Facebook insiders as trading restrictions have expired following the company's May initial public offering.

Donald Graham, chairman and CEO of the Washington Post Co, who is a director at Facebook, sold roughly $6.7 million worth of Facebook shares on Monday, according to a regulatory filing on Tuesday.

Both Andreessen and Graham are selling shares to cover tax obligations incurred from the recent vesting or settlement of restricted stock units in the company, Facebook noted in a separate filing earlier this year. Neither intends to sell shares for any other reason, the filing said.

The world's No.1 online social network became the only U.S. company to debut with a market value of more than $100 billion, but has faced a rough reception on Wall Street amid concerns about its long-term money-making potential.

Shares of the company have risen 20 percent since November 9, finishing Tuesday's regular session at $23.10, but remain well below their $38 offering price.

Several executives at the company have also sold shares as the so-called lock-up restrictions on trading have expired.

Facebook Chief Operating Officer Sheryl Sandberg sold roughly $4.2 million worth of Facebook stock on Monday, bringing her total share sales to roughly $15 million in recent weeks, while engineering vice president Michael Schroepfer sold a little more than $1 million worth of shares in recent days.

Andreessen, Graham, Sandberg and Schroepfer all sold their shares as part of pre-arranged stock trading plans.

(Reporting By Alexei Oreskovic; Editing by Bernard Orr)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

TECH SHOWCASE

Testing Times

Testing Times

Analysis - Amazon's far-reaching ambitions, lack of profits, unnerve investors.  Full Article 

IPO Probe Over

IPO Probe Over

Facebook says SEC's IPO probe ends, extending WhatsApp closing date  Full Article 

Right to be Forgotten

Right to be Forgotten

Europe debates how far to push 'right to be forgotten'  Full Article 

Privacy Concerns

Privacy Concerns

Apple iPhones allow extraction of deep personal data, researcher finds  Full Article 

Media Powerhouse

Media Powerhouse

BSkyB to pay $9 billion to create Sky Europe.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage