Sheryl Sandberg has been selling large chunks of her Facebook stock, including cashing out of over $US18 million worth on Thursday, according to a form filed with the SEC.
Since February, she’s sold over $US152 million worth of shares, at prices ranging from about $US58 per share to a little over $US72, according to insider trading records tracked by Morningstar.
These are scheduled transactions, meaning she’s selling regularly, not in response to events going on at the company. There’s nothing improper when executives liquidate their corporate stock in this way.
She’s actually been selling stocks in $US17 million-or-so chunks, on automatic sales since 2012, according to Nasdaq’s insider trading records.
So Thursday’s sale isn’t out of the ordinary for her. We’re simply taking a moment to marvel at the corporate world, where a top executive at a hot company can lay her hands on nearly $US20 million in a month on a regular basis.
Even after Thursday’s sale, Sandberg still owns nearly 8 million shares of Facebook, the SEC form says.
But where she’s spending the cash is anyone’s guess. She is likely quietly supporting some of the many charities close to her heart, including her own Lean In organisation. Although she’s known as a generous philanthropist, she’s fairly secretive about how much she money she gives away and to whom.
We do know that she’s planning on giving most of her money away. In May, Sandberg joined Bill Gates’ and Warren Buffet’s The Giving Pledge, vowing to give at least half of her wealth to philanthropy. However she hasn’t made her Pledge letter public yet. Sometimes in those letters, the givers explain why they have taken the pledge and what types of charities they support.
We also know that she’s got plenty to give. Forbes estimates that she’s worth just about $US1 billion.