NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Facebook co-founder Dustin Moskovitz on share selling spree

Facebook co-founder Dustin Moskovitz on share selling spree

August 30, 2012 14:20 IST

Facebook co-founder Dustin Moskovitz has sold another 450,000 shares of the social networking major so far this week, reducing his holding to just 6.15 million of Class A stock, which have lesser voting rights than Class B stock.

Moskovitz has been selling Facebook stock at the rate of 150,000 per tranche since August 17 and has offloaded 1.8 million shares till August 29.

He had 7.5 million Class A stock as on August 17.

According to a filing with the Securities and Exchange Commission (SEC), Moskovitz sold 450,000 class A stock during August 27 and August 29 in a price range of USD 19.19 to USD 19.26.

Moskovitz who did not sell any shares in the IPO of Facebook has started to sell the scrips post the lock-up period which is usually done so that the market

is not flooded with too much supply of a company's stock too quickly.

Moskovitz, was Facebook founder Mark Zuckerberg 's roommate at Harvard when they launched Facebook in 2004. He left Facebook in 2008 and started Asana, whose software   helps manage projects.

The Dustin A Moskovitz Trust holds 106,756,629 Class B shares that have more voting rights than Class A stock. Class B shares can be converted into Class A common stock any time on one-for-one basis and have no expiration date.

Shares of the social networking major Facebook, are currently hovering at USD 19, far lower than its debut price of USD 38 at the much hyped IPO.

The shares of the social networking firm have been under pressure ever since the company got listed in May this year and has shed nearly half of its market value since its highly touted public offering in May.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.