Facebook CAO David Spillane Sells More Than Half Of His Stock

By Justin Lafferty 

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 their Facebook shares.

Sandberg, who owns roughly 1.9 million shares of Facebook, sold 352,904 of them, making a little more than $7.4 million in the process. The amount represented 1.91 percent of her total holdings.

Spillane made the most waves by selling most of what he had. TechCrunch’s Josh Constine feels that his clearing could cause some concern in Wall Street, possibly leading to another dip in Facebook’s value.

Ullyot also made quite the sum by selling 142,375 shares at $20.10 apiece and 6,700 shares at $21.14, earning him a total of roughly $3 million.

Vice President of Engineering Mike Schroepfer filed with the Securities and Exchange Commission, but did not sell any Facebook stock. Schroepfer converted his shares from class-B to class-A, making them easier to sell.

Readers: Do you think more Facebook employees should sell now or wait for the value to rise again?

Image courtesy of Shutterstock.