The following is an excerpt from Julianne Pepitone | August 22, 2012 | CNN.com |
NEW YORK (CNNMoney) — Dustin Moskovitz, one of Facebook’s four co-founders, is cashing in a tiny part of his more than $2 billion stake.
Moskovitz sold off 450,000 shares in 150,000-share increments over the past three trading days. The shares sold for between $19.38 and $19.99 each, netting Moskovitz nearly $9 million. Because Moskovitz owns a sizeable chunk of the company, he was required to disclose the sale.
Moskovitz signaled that he may sell more shares soon: He converted 7 million of his remaining “Class B” shares to “Class A” common stock. Class B shares have 10 times the voting power, but converting them to Class A allows them to be sold publicly.
Moskovitz is hanging on to the lion’s share of his stake. Even if he sells off those 7 million shares, he’ll still be sitting on more than 126 million shares of Facebook (FB), worth $2.4 billion at Tuesday’s closing price.
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