Mark Zuckerberg, the co-founder of Facebook and the current executive chairman and CEO of Meta Platforms (formerly Facebook, Inc.), has recently made headlines with a significant stock sell-off, shedding nearly half a billion US dollars of Meta Platforms shares in the final two months of 2023. This move follows a two-year hiatus during which the company faced challenges, leading to its stock hitting its lowest point in seven years.
According to a regulatory filing on Jan 2, 2024, Zuckerberg executed a carefully timed selling spree, offloading almost 1.3 million Meta Platforms shares for approximately US$428 million. This marked a departure from his previous stance, as he had not sold any Meta shares since November 2021. The decision to divest during this period aligns with a broader strategy, capitalizing on Meta’s share price rebound, which surged by an impressive 194% in 2023 from its seven-year low at the end of 2022.
Zuckerberg’s meticulous approach to selling shares extended over every trading day between November 1 and the end of the year, indicating a strategic move amid the positive momentum in Meta’s stock value. Despite the substantial sale, it represents only a fraction of Zuckerberg’s immense wealth.
The founder’s decision to sell comes at a juncture when Meta Platforms has experienced significant growth, with its stock outperforming every major tech giant except Nvidia in 2023. Currently, Meta‘s shares are nearing their record high from September 2021, showcasing a remarkable recovery since the company’s stock downturn.
Zuckerberg’s selling spree commenced in November, coinciding with Meta‘s stock reaching a 52-week high. This strategic move reflects a calculated approach by the Meta chief executive to leverage the positive trajectory of the company’s shares. While the sale represents a small portion of Zuckerberg’s vast wealth, it underscores his strategic financial management in response to Meta‘s renewed growth.
His net worth, estimated at approximately $125 billion, solidifies his position as the seventh-richest person globally, according to the Bloomberg Billionaires Index.
