San Francisco, December 5: Meta founder and CEO Mark Zuckerberg reportedly sold shares worth about $190 million in the company last month. Securities and Exchange Commission (SEC), Zuckerberg sold Meta shares every day in November, totaling 560,180 shares for the month. On November 29, he placed an order to sell an additional 28,009 shares.
With the closing stock price at $327.15, the shares sold on November 29 would be valued at approximately $192.9 million. The majority of shares sold were acquired as part of a “founder stock purchase” in 2004 and approximately 150,000 shares were acquired for $0 through the exercise of options acquired in 2013.
Despite Meta reporting $34 billion in revenue in the third quarter, up 23% from the same quarter last year, the company still faces challenges. Total costs and expenses declined 7% year-on-year in the September quarter, with net income rising 164% to $11.58 billion. However, Meta’s Reality Labs division is reportedly burning cash, and the company is expected to see a significant increase in year-over-year operating losses. The AR-VR division has lost nearly $25 billion since the beginning of last year.
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