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Facebook COO sells $7.4 million worth of stock

  • Facebook Chief Operating Officer Sheryl Sandberg and two other executives sold millions of dollars worth of stock this week as restrictions on insider trading expired.

    Sandberg earned about $7.44 million by selling around 353,000 Facebook shares on Wednesday, according to a filing with the SEC on Friday.

    Sandberg still owns about 20 million vested shares of Facebook stock, including shares held in her trusts.

    Facebook General Counsel Theodore Ullyot and Chief Accounting Officer David Spillane also sold millions of dollars worth of shares, according to filings.

    All the executives' sales were part of pre-arranged trading plans.

    The sales are the first by Facebook's senior management following the social networking site’s initial public offering in May.

    Shares of Facebook, which were priced at $38 in the IPO, ended trade on Friday down down 3 cents at $21.18.