Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58 • Hacker News Board

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#21

Post by astrodust » Wed, May 23, 2012, 3:10 PM UTC

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

This is really common. One reason you IPO is to monetize your investment in the company.

Bill Gates and Paul Allen have been selling off chunks of shares for decades and it's not like they don't believe in Microsoft.

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#22

Post by rdl » Wed, May 23, 2012, 3:10 PM UTC

I believe most of that was sold specifically to pay the taxes he owed. Not all of his holdings were just subject to long term capital gains (deferred until realization). Some were some kind of RSU or option like deal which were taxable at the IPO.

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#23

Post by tedivm » Wed, May 23, 2012, 3:11 PM UTC

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

No, this was actually the plan since the beginning, before IPO. They had a filing with the SEC stating they were going to do this (Peter Thiel also sold 16.8 million of his shares as part of this).

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#24

Post by Tyrannosaurs » Wed, May 23, 2012, 3:12 PM UTC

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

Yeah, you're right, his stake in it is only $18bn or so after this.

What sort of half hearted investment is that?

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#25

Post by heelhook » Wed, May 23, 2012, 3:12 PM UTC

knodi wrote: post #11

I thought employees of facebook can't sell for 6months after the IPO. Is this not true?

Nope, 90 days. And Mark, and a bunch of early players, like Eduardo Saverin, GS and others sold during the IPO.

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#26

Post by lo_fye » Wed, May 23, 2012, 3:14 PM UTC

Is he still the majority shareholder? Does this make him accountable to the board, now? Maybe he did it both for the $, and as a show of goodwill toward the board, after that whole "Kiss my butt, we're buying Instagram" thing.

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#27

Post by loceng » Wed, May 23, 2012, 3:14 PM UTC

hendzen wrote: post #8

[deleted] wrote: post #6

Earlier quoted context omitted.

[deleted]

He still has much, much more tied up in facebook. The fact that he's diversifying his holdings shouldn't be held against him; any reasonable person would do the same to hedge against a possible decline of the entire technology sector in the event social media company valuations face some sort of "correction". Also, anyone with that much money in equities has to worry about broader macroeconomic issues such as the cur…

It's not worth $108 billion, it never was - never will be.

This was a scam. A Ponzi Pyramid Scheme. A cash-grab.

http://www.jperla.com/blog/post/facebook-is-a-ponzi-scheme

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#28

Post by lwhi » Wed, May 23, 2012, 3:16 PM UTC

squarecat wrote: post #20

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

For better or worse, the man has never exercised traditional business practices.

For better or worse, the man has never exercised ethical business practices.

(there you go, fixed it for you... )

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#29

Post by brooksbp » Wed, May 23, 2012, 3:17 PM UTC

astrodust wrote: post #21

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

This is really common. One reason you IPO is to monetize your investment in the company. Bill Gates and Paul Allen have been selling off chunks of shares for decades and it's not like they don't believe in Microsoft.

This could be a good thing. Liquidating wealth means opportunity for charity or other investments.

Re: Mark Zuckerberg sells 30.2 million shares of $FB common stock at $37.58

#30

Post by tferris » Wed, May 23, 2012, 3:19 PM UTC

tedivm wrote: post #23

tferris wrote: post #19

This is really strange. Such a move should be prepared carefully and when executed then immediately explained with a press release. Mark doesn't believe in FB.

No, this was actually the plan since the beginning, before IPO. They had a filing with the SEC stating they were going to do this (Peter Thiel also sold 16.8 million of his shares as part of this).

Ah ok, good info!