Recently, the soaring Facebook stock price has enabled its Chief Operating Officer to obtain substantial gains in a recent sale of stocks.
According to a document Facebook submitted earlier this week to the U.S. Securities and Exchange Commission, Facebook Chief Operating Officer Sheryl Sandberg cashed out $91 million worth of shares this week.
Since Facebook's Initial Public Offering (IPO) in May 2012, Sandberg has regularly sold portions of her shares. On Wednesday, Sandberg sold another 2.37 million shares of Facebook at prices ranging from $37.79 to $38.78.
Sandberg's latest sale took place just days after Facebook's stock price returned to its IPO price of $38. Since its public listing, Facebook's stock had been declining until it rebounded back to the IPO price after 14 months.
Of course, Sandberg has already cashed out significantly during less favorable periods for Facebook's stock. Prior to this week's sale, she had already cashed out as much as $43 million this year alone. As of now, Sandberg still holds a large number of Facebook shares; this week's sale accounted for about 5% of her holdings.
On Friday's Nasdaq close, Facebook's stock fell by $0.04, closing at $38.50.