Mark Zuckerberg benefited from his company's stock rally in 2023 in a big way, as he sold nearly $428 million worth of shares in Meta Platforms Inc. During the last two months of the year.
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The co-founder and CEO unloaded just under 1.8 million shares over the course of each trading day between Nov. 1 and the end of last year, according to Regulatory filing with the US Securities and Exchange Commission Tuesday.
The sales were consistent with the Rule 10b5-1 trading plan Zuckerberg adopted in July, and saw him benefit from a rebound in Meta's stock price, which has risen 194.1% in 2023 — and nearly tripled since it hit a seven-year low in November. 2022. By comparison, the S&P 500 SPX and Nasdaq Composite COMP are up 24.2% and 43.4%, respectively, in 2023.
These moves also break a two-year hiatus, dating back to November 2021, during which Zuckerberg did not sell any of his shares in Facebook's parent company. According to Bloomberg, which was the first to report the news. Zuckerberg, who owns nearly 13% of Meta, is the seventh-richest person in the world with a net worth of $125 billion, according to Bloomberg Billionaires Index.
Nasdaq-listed Meta shares, which fell 0.5% on Wednesday to $344.47, are now about 11% below their all-time closing high of $382.18 since September 2021.
Meta representatives could not immediately be reached for comment.
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