Mark Zuckerberg sells Meta shares worth $428 million. Know why stock prices plummeted
Mark Zuckerberg sold the shares of his company every day during November and December last year. He sold 1.28 million shares to collect $428 million. In the meantime, the price of Meta shares went up by 194%. According to Bloomberg, it was the first time that Zuckerberg sold stock since November 2021. Zuckerberg still owns about 13% of Meta shares and his fortune is estimated to be $125 billion. He is placed seventh on Bloomberg’s Billionaires Index.
The stock sales of Meta boss are subject to the federal capital gains tax of approximately 24%, and an additional 13.3% state tax in California, where Zuckerberg maintains a $37 million estate.
Marc Benioff sells Meta shares
Besides, Zuckerberg’s peer in the tech world, Marc Benioff also sold shares nearly every day in the second half of 2023. The Salesforce Inc. co-founder offloaded more than $475 million worth of shares during the period, selling about 15,000 shares, about $3 million, every day.
Meta shares plummet
Meta shares plummeted to a seven-year low in 2022 after Zuckerberg spent billions on a widely panned shift toward the metaverse. However, the price of the share rebounded in 2023 when the executive ordered a major cost-cutting spree that included thousands of layoffs and shifted company resources toward the artificial intelligence boom. At present, Meta is one of the so-called 'Magnificent Seven' tech stocks that drove a major stock market rally to close out last year.
Zuckerberg’s selling spree
The share prices sputtered a bit in early December last year when news of Zuckerberg’s selling spree first surfaced, but they still finished more than 5% higher for the full month. 'Wired' reported in
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