Zuckerberg sells Meta platforms stocks for 1st time in two years

(MENAFN) In a significant development, Mark Zuckerberg, the founder of Meta Platforms, the parent company overseeing Facebook and Instagram, has reportedly sold shares in the company for the first time in two years. The move follows Meta's remarkable rebound from a tumultuous 2022. Data compiled by Bloomberg reveals that Zuckerberg's private credit fund, along with affiliated entities dedicated to charitable work and supporting political causes, divested approximately 682,000 shares valued at around USD185 million in November. These transactions were executed through trading plans, with the latest plan being disclosed last Wednesday.

This marks the initial instance of wealth-managing entities associated with Zuckerberg engaging in share sales since November 2021. Notably, Meta's shares have witnessed an extraordinary surge of 1,720 percent throughout the year until the end of November, surpassing the performance of all major American technology companies except NVIDIA.

Zuckerberg, currently ranked ninth on Bloomberg's list of the world's wealthiest individuals, has been a consistent seller of Meta shares over the past decade. However, he refrained from selling any shares in 2022, a year that witnessed disastrous quarterly results, leading to one of the most substantial declines in share value. Meta experienced its worst annual performance since its initial public offering in 2012.

As of now, Meta's stock is nearing the record-high levels attained in 2021. During that period, Zuckerberg, along with his charitable foundation, the Chan Zuckerberg Initiative, sold shares amounting to over USD1 billion in the company headquartered in Menlo Park, California. The recent share sales by Zuckerberg suggest a renewed confidence in Meta's performance and mark a strategic financial move in alignment with the company's impressive recovery.

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