{"id":27004,"date":"2012-11-21T08:07:06","date_gmt":"2012-11-21T06:07:06","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=27004"},"modified":"2012-11-21T16:07:09","modified_gmt":"2012-11-21T14:07:09","slug":"facebook-director-sheds-54-million-in-shares","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/27004\/facebook-director-sheds-54-million-in-shares\/","title":{"rendered":"Facebook director sheds $54 million in shares"},"content":{"rendered":"

Facebook Inc<\/a> board member Marc Andreessen<\/a> sold roughly $54 million worth of shares in the social networking company on Monday to cover taxes he owes on his holdings.<\/p>\n

Andreessen’s sales are among the latest transactions by Facebook insiders as trading restrictions have expired following the company’s May initial public offering.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Several executives at the company have also sold shares as the so-called lock-up restrictions on trading have expired.<\/p>\n

Facebook Chief Operating Officer Sheryl Sandberg<\/a> 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<\/a> sold a little more than $1 million worth of shares in recent days.<\/p>\n

Andreessen, Graham, Sandberg and Schroepfer all sold their shares as part of pre-arranged stock trading plans.<\/p>\n

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Facebook and Internet addiction<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook Inc 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.<\/p>\n","protected":false},"author":7,"featured_media":13106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[25,45,173],"class_list":["post-27004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-active","tag-facebook","tag-shares"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=27004"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27004\/revisions"}],"predecessor-version":[{"id":27062,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/27004\/revisions\/27062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/13106"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=27004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=27004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=27004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}