Sheryl Sandberg sells $91 million of Facebook stock

August 11, 2013: 3:11 PM ET
sheryl sandberg 91 million
Sheryl Sandberg sold $91 million dollars of Facebook stock last week.
NEW YORK (CNNMoney)

Sheryl Sandberg is leaning into a big new pile of money now that Wall Street's finally giving Facebook some love.

The Facebook (FB) chief operating officer and author of the much buzzed-about "Lean In" sold nearly 2.4 million shares of the social network's stock last week at an average price of $38 per share, according to a regulatory filing.

It amounts to about $91 million.

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Sandberg is using a pre-arranged trading plan, which means she has no control over the specific timing of her sales. Such plans are a common way for top executives to cash in on a portion of their holdings while avoiding accusations of insider trading.

Sandberg has sold Facebook shares several times in the past year. Last year alone, she cashed out around $50 million in the months after Facebook went public in May.

Her move this time came just a week after Facebook shares rose above $38 a share Wednesday for the first time since the social network went public in May 2012. The stock has clawed back from a low $17.55 in September.

But Facebook shares soared after the company blew past earnings estimates last month. Shares have climbed nearly 50% in the last month.

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Sandberg has periodically sold small portions of her holdings since the stock went public, but she still has plenty left. What she sold this week represented only about 5% of her holdings.

After selling 30.2 million shares during Facebook's IPO, CEO Mark Zuckerberg hasn't sold any more of his holdings. Last September, Zuckerberg said in a filing that he had no intention of selling any shares for at least 12 months.

While the stock had been on a roll for weeks, Facebook stock gave up a little bit of its gains last week, sliding 1.2% to $38.50.


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