Meta Platforms Inc. (META) disclosed that CEO Mark Zuckerberg plans to sell up to $1.3 billion of Meta stock. According to a Thursday filing, the Facebook founder will sell both Class A and Class B Meta shares and could earn over a billion dollars. CWEB reports on the plan and Meta’s quarter results. CWEB reiterates Buy for Meta stock.
In early August, Zuckerberg adopted the rule 10b5-1 plan. This plan, adopted on August 9, automatically executes transactions after meeting preset conditions. These conditions include price, volume, and timing. The plan allows Zuckerberg to sell up to 518,004 Class A Meta shares and 1.7 million Class B Meta shares held in entities affiliated with him, including the Chan-Zuckerberg Foundation (CZI).
Meta Platforms disclosed the plan with the Securities and Exchange Commission (SEC). The form was filed for the third quarter. Meta CEO Mark Zuckerberg’s sale of shares could enrich him by $1.3 billion at the stock price of $575.23 per share.
Neither Meta nor Mark Zuckerberg has responded to requests for comment. CWEB notes that although $1.3 billion is huge, Zuckerberg is worth hundreds of billions more than he will earn after selling the stock. He was worth $198.3 billion and was reported to be the fourth richest billionaire worldwide by Forbes on October 28, 2024.
Meta Platforms Inc. reported its third-quarter results on October 30, 2024. The Menlo Park, California-based company reported the following highlights, according to its press release:
Family daily active people (DAP) increased 5 percent year over year and was 3.29 billion on average for September 2024. Ad impressions increased by 7 percent compared with last year’s quarter, while the average price per ad saw an 11 percent increase.
Meta Platforms Inc. also reported a total revenue of $40.59 billion, a 19 percent increase year over year, and more.
CEO Mark Zuckerberg said, “We had a good quarter driven by AI progress across our apps and business,” and more.
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