Facebook co-founder sells 450,000 more shares
NEW YORK (AP) - Facebook co-founder Dustin Moskovitz is shedding another 450,000 of the social networking company's shares, for a take of about $8.3 million.
Moskovitz has been selling 150,000 shares a day and disclosing the sales every three days. Including the most recent sales, he still holds about 132 million shares.
The latest filing was made Tuesday and covered sales since last Thursday. He sold shares at prices ranging from $17.56 to $19.42.
Shares of Facebook Inc., based in Menlo Park, Calif., have been in steep decline since debuting at $38 each in May. They ended Tuesday's trading at $17.73.
Moskovitz, 28, was Mark Zuckerberg's Harvard roommate when they founded Facebook in 2004. He left in 2008 and started the software company Asana.
Moskovitz has been selling 150,000 shares a day and disclosing the sales every three days. Including the most recent sales, he still holds about 132 million shares.
The latest filing was made Tuesday and covered sales since last Thursday. He sold shares at prices ranging from $17.56 to $19.42.
Shares of Facebook Inc., based in Menlo Park, Calif., have been in steep decline since debuting at $38 each in May. They ended Tuesday's trading at $17.73.
Moskovitz, 28, was Mark Zuckerberg's Harvard roommate when they founded Facebook in 2004. He left in 2008 and started the software company Asana.
Snake oil. All of these people believed it was the next big thing; I bet they feel good for hedging all of their money on something with no source of revenue other than advertising. The advertisers themselves hedge their money that people are going to continue to login each day and "Like" or post photographs of the dinner they are preparing; something else will come along and replace it someday.
He is smart. He knows facebook is ready to crash. Get out while the gettins good.