Mark Zuckerberg Offloads Nearly $190 Million in Meta Shares

Last month, Meta Founder and CEO Mark Zuckerberg divested approximately $190 million worth of the company's stock, as reported by the media.

Throughout November, Zuckerberg engaged in the daily sale of Meta shares, tallying up to 560,180 shares for the month, according to Market Watch. On November 29, he submitted orders to sell an additional 28,009 shares, based on Form 4 filings with the US Securities and Exchange Commission (SEC). At the closing stock price of $327.15, the total value of the shares offloaded amounted to $192.9 million.

The majority of the shares sold were originally acquired in 2004 as part of a "founder stock purchase." Notably, nearly 150,000 of these shares, acquired for $0, were sold on the respective days through the exercise of options obtained in 2013, as outlined in the report.

In its third quarter, Meta reported a substantial revenue of $34 billion, marking a 23 per cent increase from the same quarter in the previous year. Despite total costs and expenses decreasing by 7 per cent (year-over-year) to $20.40 billion in the September quarter, net income witnessed a remarkable 164 per cent rise from the preceding year, reaching $11.58 billion.

Nevertheless, Meta continues to experience a cash burn, primarily attributed to its Reality Labs division. The company anticipates a significant year-over-year increase in operating losses in this segment. Notably, Meta's AR-VR division has incurred losses nearing $25 billion since the beginning of last year.

(With Agency Inputs)