Skip to main content

Facebook number two Sheryl Sandberg cashes in on $91m worth of shares

Facebook number two Sheryl Sandberg has sold 2.4 million shares in the company amounting to a $91 million (£51 million) pay day.

The sale comes as Facebook's share price has exceeded $38 (£24.5) - the trading price when the company was first floated - for the first time since going public in May last year. Following the company's IPO, stock price fell to $17.55 (£11.48) in September 2012.

The soaring price came after Facebook announced a net income of $333 million (£215 million) for the second quarter of 2013, up from a $157 million (£101.5 million) loss at the same time last year.

Sandberg sold the stock using a pre-arranged plan often used by top executives to avoid accusations of insider trading, which meant she had no control over or knowledge of when the sale was made.

The 2.4 million shares amount to less than 10 per cent of Sandberg's total holding of over 25 million shares worth around $1 billion (£646 million).

Last year alone, in the months after Facebook's IPO, Sandberg made around $50 million (£32 million) from selling shares.

Mark Zuckerberg recruited the former Google vice president as the company's COO in 2008 to help boost advertising revenue earned through its millions of users.

The 43 year old recently released her first book, 'Lean In', which provides advice for women in the workplace and has spent 21 weeks on the New York Times Best Seller List since being published earlier this year.

Image credit: World Economic Forum