Mark Zuckerberg, the CEO of Meta Platforms Inc., made headlines as he resumed selling company shares after a two-year hiatus. This move comes on the heels of Meta’s stock price rebounding, reaching levels not seen in seven years.According to a regulatory filing on Tuesday, Zuckerberg sold shares on each trading day between November 1 and the year-end, totaling nearly 1.28 million shares and generating approximately $428 million. The average sale amounted to $10.4 million, with the largest transaction occurring on December 28, raking in $17.1 million.
Strong Market Rebound
Before this selling spree, Zuckerberg had refrained from selling Meta shares since November 2021. Meta’s share price experienced a remarkable recovery, surging by 194% in the past year from its seven-year low at the close of 2022. The company’s shares outperformed those of nearly all major tech giants, with the exception of Nvidia Corp, positioning Meta close to its September 2021 record high.
Ownership and Net Worth
At 39 years old, Zuckerberg holds approximately 13% of Meta, with a net worth estimated at about $125 billion, ranking him as the seventh-richest person globally according to the Bloomberg Billionaires Index.
Philanthropic Intentions
A Meta spokesperson clarified that Zuckerberg’s primary motive behind selling shares is to fund philanthropic initiatives. The tech mogul has pledged to allocate 99% of his stake to charitable causes, aligning his wealth distribution strategy with his commitment to social impact.
A Trend Among Tech Leaders
In a parallel move, Marc Benioff, co-founder of Salesforce Inc., Zuckerberg’s peer in the tech industry, also engaged in consistent share selling during the latter half of 2023. Benioff’s sell-off amounted to over $475 million, with approximately 15,000 shares, equivalent to around $3 million, being sold daily during this period.
As both tech leaders navigate their wealth and company shares, the intersection of philanthropy and business decisions raises questions about the evolving role of influential figures in the corporate landscape.
