Facebook CEO Mark Zuckerberg saved around $128 million thanks to fortunately timed sales of his own company’s stock.
earnings release, although share prices rebounded to trade above $155 at their peak on Wednesday.
From its peak day of July 25 through the end of August, Zuckerberg sold 5.2 million shares of Facebook common stock for a total of almost $935 million. Had he sold the shares at Wednesday’s price of $155 he would have generated $807.6 million, or $127.6 million less than his actual proceeds.
Zuckerberg has previously made clear his intention to sell up to 75 million shares so he can fund his philanthropic efforts through the Chan Zuckerberg Initiative.
Correction: This story was revised to correct that Facebook’s stock price on Wednesday rose above $155 per share and that Zuckerberg made clear his intention to sell up to 75 million shares to fund philanthropic efforts.